Tishman Speyer Subsidiaries Secure Approximately $1.8 Billion Construction LoanApril 9, 2018
S&C client Tishman Speyer, through its subsidiaries 509 W 34, L.L.C. and 509 W 34 Mezz, L.L.C., secured an approximately $1.8 billion construction loan from an affiliate of Blackstone Mortgage Trust, Inc., consisting of building and project mortgage loans and a mezzanine loan.
Tishman Speyer plans to use the loans funds to construct and develop The Spiral, a 1,005-foot-tall office tower in Hudson Yards, comprising 2.85 million square feet and designed by architectural firm Bjarke Ingels Group. Tishman Speyer also secured a 20-year lease with Pfizer Inc. as the anchor tenant and IDA real-property tax benefits.
The S&C team advising Tishman Speyer in this transaction was led by Arthur Adler, along with Ralston Turbeville, Adam Sofen, Justin Silver, Steven Levick, Jason Wasser, Bonnie Macfarlane, Steven Mermelstein and Misha Patel. Isaac Wheeler, along with and Jonathan Rhein advised on tax matters.