Qatari Diar announces completion and leasing of The JACX project in New York City

(MENAFN- The Peninsula) Qatari Diar, a global leader in sustainable real estate, in partnership with fellow developer Tishman Speyer, officially launched The JACX project with an on-site opening event and ribbon-cutting ceremony.
Qatari Diar announced the completion and leasing of all areas of The JACX project in Long Island - New York – USA, during the official opening of the project.

The project is one of the largest commercial projects in Long Island that was implemented in partnership with fellow developer Tishman Speyer, the prestigious American Real estate company. The office tower is set to become one of the most influential commercial developments that Long-Island City. Qatari Diar Company owns 80% of the project.
The opening ceremony was attended by Chairman of Qatari Diar, Sheikh Khalid bin Khalifa Al Thani; CEO of Qatari Diar, Abdullah bin Hamad Al Attiyah; Chief Executive Officer of Tishman Speyer, Rob Speyer President of the Long Island City Partnership, Elizabeth Lusskin and representatives from the city of Long Island, a number of dignitaries, investors and representatives of the relevant authorities.
The JACX, which was delivered by Qatari Diar alongside Tishman Speyer, is a 1.2 million square feet creative office development featuring two 26-storey office towers, a one-acre podium elevated five-stories above street level that is landscaped to represent a tranquil City Park, and 50,000 square feet of retail space for commercial use. All spaces, whether office or commercial, have been fully leased.
This distinguished project was designed to meet the modern needs of new work environments, whether for entrepreneurs or large companies, which are considered long-term.
The tenants of the project included a number of large companies and prestigious establishments such as Bloomingdale's and WeWork, a leading provider of office workspaces.
In addition to the New York-Presbyterian Hospital, the building also contains a variety of commercial and service activities such as restaurants, halls, dining and a fitness center, in addition to a variety of stores, offices and different companies which will provide economic recovery and development in Long Island for long and in the near future.
Chairman of Qatari Diar Sheikh Khalid bin Khalifa Al Thani, said:“Qatari Diar is extremely proud to add The JACX to our growing US portfolio, alongside our projects in Washington DC. The building now joins some of the most celebrated and iconic landmarks to grace the New York skyline, and we're delighted to be placed amongst them. It is the first project that Qatari Diar and Tishman Speyer have collaborated on together in the US, and we hope that the success of The JACX will provide a foundation for further projects in New-York, wider US and across the world in years to come.”
CEO of Qatari Diar, Abdullah bin Hamad Al Attiyah said Qatari Diar has sensed from the beginning a growing demand to develop a project like The JACX, which offers a significant addition in office and commercial space to the business community in Long Island.
This was clearly evident in the increased demand for the project, as all the offered spaces were leased during the initial launch of the project to a number of reputed companies and organisations such as Bloomingdale's, WeWork, New York-Presbyterian Hospital, as well as a number of diverse restaurants, a fitness center and retail stores.
Despite the pandemic that caused one of the largest waves of economic downturn in the United States, the project was able to maintain its attractiveness and increase the demand for it during this period.
“Now today, as we officially launch the development for the first time, we see the vision become a reality as The JACX continues to breathe new life into the community and beyond. It is great to see the wealth of benefits and opportunities that the project provides the neighbourhood come to life - ranging from new jobs through to medical facilities and retail services, and we're extremely proud to have delivered such a transformative offering to the City. Thanks to this, the economic benefit for the area is estimated at $254.5m – an impressive contribution that we are delighted to be behind. Moreover, the project has created 952 jobs during its construction alone, and once fully occupied, an estimated 3,380 permanent roles will exist within the building.”
He said that department store, Bloomingdales, will occupy a space at The JACX early next year, providing many of these job opportunities for the area, joining leading shared office space provider, WeWork.“The tenancy of the New York Presbyterian Hospital is providing new and much-needed services to the neighbourhood, and the extensive amenity offering - including the food hall, fine dining restaurant, grocery store and fitness centre, serves both tenants and the wider community.”
Qatari Diar's sustainability vision is at the heart of their approach for The JACX and was also addressed at the ceremony, said Al Attiyah.

“We are pleased to see the environmentally responsible design that The JACX boasts come to life in what will be home to thousands of innovators, creators, leaders and entrepreneurs. We are passionate about creating entirely new destinations that are at the forefront of sustainability around the world, and we're delighted to add The JACX to our repertoire through its credentials – including the park and numerous energy-saving designs throughout the building,” said Al Attiyah

Rob Speyer the President and Chief Executive Officer of Tishman Speyer said:“We are proud to have partnered with Qatari Diar, a global leader in sustainable real estate, to deliver a world-class creative office building that will have a lasting, positive impact on the surrounding community. The JACX is an impressive addition to our global portfolios. Our shared success here will pave the way for collaborations in the future.”


President of the Long Island City Partnership and Executive Director of the Long Island City Business Improvement District, Elizabeth Lusskin:“It would be impossible to overstate the significance of this building – it is the culmination of decades of work to build New York City's 4th Central Business District in Long Island City, a gorgeous addition to the skyline, home to a series of neighborhood changing amenities, and presenter of a beautiful streetscape befitting this central crossroads. But it was not easy, and we commend Tishman Speyer and their partners --- for having the vision, fortitude, and patience to pull this off. The thousands of employees the Jacx will house, and the tens of thousands of workers and residents who are already enjoying it every day, are the fortunate beneficiaries.”

Qatari Diar and Tishman Speyer were joined at the ceremony by the Long Island City Partnership, who supported the economic vision for The JACX and wider Long-Island community. With this now a reality, The JACX is set to revitalise and reimagine Long-Island City both in the near future and in years to come.

MENAFN07112021000063011010ID1103113860