Tishman Speyer Moves Forward with Massive Queens Project
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Long Island City project rendering
New York—Tishman Speyer has brought in a partner on its 1.1 million-square-foot office and retail project in Long Island City, and the new investor is none too shabby. The real estate developer recently teamed up with Qatari Diar, the sovereign wealth fund of the State of Qatar, to usher the $707 million development toward realization.
Qatari Diar is just one of a throng of cross-border investors increasingly eager to get a piece of the U.S. commercial real estate market. “Interest in the U.S. market by our foreign investor clients has been developing momentum over the past three years,” Mike McMenomy, global head of investor services with CBRE Global Investors, told Commercial Property Executive. “The opportunity to diversify portfolios and seek a current return within a market delivering well-balanced fundamentals continues to be a compelling scenario.”…
