Tishman Speyer has closed a $425 million green bond offering to refinance the recently-completed creative office development The JACX in Long Island City.

The JACX, which was completed in 2019 and is 100% leased, boasts 1.2 million square feet of office and retail space across two 26-story towers connected by a five-story base.  The building is the single largest addition to Long Island City's office stock since the Citicorp Building opened in 1990.

The bond offering was originated by Bank of America and refinanced Tishman's initial construction loan with permanent CMBS financing. As part of its underwriting process, Bank of America commissioned independent ESG firm Sustainalytics US, Inc., to evaluate and certify that The JACX met requirements set forth in the Green Bond Principles 2021 for sustainability, energy-efficiency and attention to the needs of the surrounding communities, the companies said in a statement.