The JACX, 28-01 Jackson Ave., Long Island City, Queens/ Photo credit: Jesse David Harris
NEW YORK CITY—With Macy's increasing its commitment and with New York-Presbyterian and Weill Cornell Medicine leasing space, the JACX, Tishman Speyer's Long Island City, Queens office development has reached full occupancy. The $700 million, 1.2 million square-foot complex consists of two 26-floor skyscrapers, connected by a four-story podium. It is scheduled to be completed this summer. With the address of 28-01 Jackson Ave., it will be the largest office complex developed in Long Island City, since the Citicorp Building opened in 1990.
Its two most recent leases total 328,000 square feet. Macy's, Inc., which originally committed to 567,000 square feet, upped its space by another 300,000 square feet. The department store has now agreed to rent a total of 867,000 square feet for 20 years.
Employees at Macy's will have offices on 22 floors of the east tower, known as One Jackson. The department store offices will also extend to two 90,000 square feet in the third and fourth floors of the building.
Following a 1994 merger with Federated Department Stores, Macy's owns Bloomingdale's. Thus, Bloomingdale's employees will move to 11 floors in the west tower, called Three Jackson. As to remaining space in this tower, back in 2015, WeWork had agreed to lease 215,000 square feet on the fifth through the 15th floors.
Under a separate 15-year lease, NewYork-Presbyterian and Weill Cornell Medicine will run a multi-speciality, primary care practice at One Jackson. This facility will consist of 28,000 square feet and will have a street-level entrance.
Designed by MdeAS Architects, the complex will have a fifth floor outdoor terrace spanning more than an acre, with food and beverage and recreational options. The complex will offer over 50,000 square feet of street-level retail, including a fitness center, gourmet market and a food hall. Chef Dan Kluger, the proprietor of Loring Place in Greenwich Village, will open his second restaurant at the JACX in the spring of 2020.
Long before Amazon selected the neighborhood for an HQ2, Tishman Speyer had invested in LIC. CEO and president Rob Speyer noted they made their commitment in 2003. He says they recognized LIC as an urban environment that has all the ingredients for long-term success.
“Our ability to pre-lease most of the JACX prior to construction and all of the space prior to completion firmly demonstrates Long Island City's viability as an office hub and a magnet for today's creative workforce,” says Speyer.
CBRE's Scott Gottlieb, Ken Meyerson, Michael Wellen and Peter Gamber were the brokers for Macy's. Tishman Speyer and NewYork-Presbyterian were represented in-house.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
