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Tishman Speyer lands financing for massive office development

Bank OZK provided the debt

Rendering of complex (Credit: Tishman Speyer)

Tishman Speyer and Qatari Diar have secured $275 million in construction financing from Bank OZK (AKA Bank of the Ozarks) for their massive office development at 28-10 Queens Plaza South, according to TRD. Upon completion, the LIC office complex will consist of two 27-story buildings, and span a total of 1.1 million SF. Construction is expected to wrap up by the end of 2019. 

Worth Noting: WeWork has agreed to lease 250,000 SF, and Macy’s-owned Bloomingdale’s has reportedly inked a 550,000 SF lease. The two office towers will be connected by a four-story retail building, which will include a food hall, a fitness center, and restaurants.

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