Fried Frank Reps Tishman Speyer in US $707 Million Long Island City Development Deal

Fried Frank acted as counsel to Tishman Speyer in connection with the closing of its US$707 million transaction to develop two 27-story office towers in Long Island City, Queens, which included the acquisition from the New York City Economic Development Corporation, an equity investment by Qatar-based investment firm Qatari Diar, construction financing provided by Bank of the Ozarks, and tax benefits from the New York City Industrial Development Agency, among other matters. The project is a continuation of Tishman Speyer’s active long-term development efforts in Long Island City. The buildings are expected to be completed in 2019, and will include approximately 1.1 million square feet of office and retail space.

The Fried Frank team included real estate partners Jonathan L. Mechanic, Tal Golomb, Michael J. Barker and Michael J. Werner, real estate and litigation partner Janice Mac Avoy, corporate partners Lee S. Parks and Steven Rudgayzer, tax partner Richard A. Wolfe, tax special counsel Andrew Falevich, real estate associates Holly P. Chen, Alexander B. Sutherland, Diana V. Smirnov, Michael E. Hofer and Melanie R. Taylor, and corporate associates Tam T. Ho, Joseph T. Bueche and Elliot Samuels.

Fried Frank also acted as counsel to Vornado Realty Trust in connection with its US$31 million sale of 99-01 Queens Boulevard to Brad Blumenfeld’s BDG Development Group, Ltd. Vornado Realty Trust is a publicly owned real estate investment trust that invests in commercial real estate markets.

The Fried Frank team was led by real estate partners Jonathan Mechanic and Michael Werner and included real estate associates Larissa Kravanja and Justin Lerner.

About Fried Frank

Fried, Frank, Harris, Shriver & Jacobson LLP advises the world's leading corporations and financial institutions on their most critical legal needs and business opportunities. The Firm's approximately 450 lawyers are based in North America and Europe. More information can be found at www.friedfrank.com.