CanAm Enterprises (CanAm) is pleased to report that its Spiral Project has achieved several of its milestones last week. Pfizer, the international pharmaceutical giant, signed a 20-year lease totaling approximately 800,000 RSF, representing 29% of the building’s rentable area. Tishman Speyer has closed on a series of transactions securing all of the necessary financing for the project: a $1.8 billion construction financing from Blackstone Mortgage Trust, a publicly-traded affiliate of The Blackstone Group, and $1.9 billion equity from Tishman Speyer and various institutional, pension fund and individual investors. In addition, based on the pace of its EB-5 fundraising to date, CanAm Enterprises and Tishman Speyer have decided to prepare for closing and funding the EB-5 loan for the Spiral Project. It is anticipated that the loan closing will take place in the second quarter of 2018.
CanAm’s President and CEO, Tom Rosenfeld, commented, “We have always had an excellent working relationship with Tishman Speyer and we are thrilled to be partnering with them on this iconic USCIS-approved project, which we are confident will achieve the immigration and investment goals of our EB-5 investors.”
Designed by noted architectural firm Bjarke Ingels Group, the Spiral will enhance the emerging skyline in midtown Manhattan with approximately 2.8 million square feet of connected and sustainable class A office space.
“Tishman Speyer is thrilled to welcome Pfizer as the anchor tenant in The Spiral, the world’s most connected and collaborative office environment,” Rob Speyer, Tishman Speyer president and CEO, said in prepared remarks. Pfizer, which is currently based in two office buildings on East 42nd Street, will relocate its global headquarters to 15 floors of The Spiral in 2022. Albert Bourla, Pfizer’s Chief Operating Officer stated in their press release, “In relocating our headquarters, we sought to provide our colleagues a modern, state-of-the-art headquarters that would foster greater collaboration and innovation in a vibrant neighborhood in Manhattan.”
The $1.8 billion construction financing from Blackstone Mortgage Trust represents their largest ever single asset origination and third construction financing for Tishman Speyer. Steve Plavin, senior executive stated in their press release, “[our] ability to originate the Spiral financing is a testament to our excellent relationship with Tishman Speyer as well as the strength of the Blackstone platform and unmatched scale of our real estate business."
“In addition to the important project related milestones that have been achieved, we are also excited to have reached a big EB-5 fundraising milestone. We are pleased to announce that we are in the process of preparing for the EB-5 loan closing for the Spiral project,” said Rosenfeld.
The Spiral is another example of CanAm’s dedication to bringing qualifying EB-5 projects to investors. Before launching a project to the market, CanAm’s project development team selects projects that meet the requirements of the EB-5 program and structures them conservatively, knowing that our investors’ futures are at stake. CanAm’s underwriting team conducts exhaustive due diligence in order to qualify a project as a potential investment. As a third-party regional center, CanAm and its employees are committed to the highest level of integrity and transparency demanded by its immigrant investors and the EB-5 program.