Qatari Diar Celebrates Launch of The JACX in New York after successful leasing and completion

Qatari Diar completes and leases all areas of The JACX project in New York

New York, November 06 (QNA) - Qatari Diar, in partnership with fellow developer Tishman Speyer, officially launched The JACX with an on-site opening event and ribbon cutting ceremony.

Qatar's global leader in sustainable real estate has announced the completion and leasing of all areas of The JACX project in Long Island City, New York.

One of the largest commercial projects in Long Island, The JACX has been implemented through a partnership between Tishman Speyer, an American real estate company, and Qatari Diar, which owns 80 per cent of the project.

The office tower, which is set to become one of the most influential commercial developments that Long-Island City has seen, hosted the Chairman, CEO and key figureheads behind the project from Qatari Diar and Tishman Speyer, alongside stakeholders, in an intimate ceremony that marks the launch of a building that represents a brand-new destination for the City.

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. With the building already meeting the needs of a new generation of professionals keen to call Long-Island City home, Qatari Diar spoke at the ceremony regarding the positive impact that The JACX has had, and will continue to have, on the local community and beyond.

HE Sheikh Khalid bin Khalifa Al-Thani, Chairman of Qatari Diar, concluded: "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."

Abdullah bin Hamad Al Attiyah, CEO of Qatari Diar: "The opportunity and demand from the local community for an office development in Long-Island City has been apparent from the very beginning, with The JACX being pre-leased at 100 percent upon completion. Despite the pandemic, one of the biggest economic downturns in US history, we were able to stabilize occupancy and maintain the appeal of this fantastic building - ensuring its continued success.

"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 neighborhood 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."

Al Attiyah said, "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."

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."

Elizabeth Lusskin, the President of the Long Island City Partnership and Executive Director of the Long Island City Business Improvement District, stated, "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."

Source: QNA