Business
H&R REIT completes the acquisition of Two Gotham Center
TORONTO, Oct. 27, 2011 /CNW/ - H&R REIT is pleased to announce that it has completed t...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nTORONTO, Oct. 27, 2011 /CNW/ - H&R REIT is pleased to announce that it\n has completed the previously announced acquisition of Two Gotham\n Center.  The State-of-the-Art office tower in Long Island City, New\n York was purchased for $415.5 million.  The recently completed 22\n storey Class A office tower comprises 661,000 rentable square feet of\n office space, 100% leased to the City of New York for an initial term\n of 20 years with contracted rental escalations of approximately 10%\n every 5 years, providing a bondable income stream secured by the\n superior AA credit of the City of New York, as well as an additional\n 9,000 square feet of prime ground floor retail space.\n\n\nThe property represents the first building of Gotham Center - a 2-block\n development that is transforming the landscape of Long Island City. \n Once completed, it will contain approximately 3.5 million square feet\n of new office, retail, parking and residential development.  Designed\n by architects Moed de Armas & Shannon, Two Gotham Center was developed\n and owned by the internationally recognized developer Tishman Speyer,\n in a partnership with Square Mile Capital LLC and the Modell family.\n\n\nTwo Gotham Center presents a beautifully curving, 325-foot façade of\n gleaming glass, with efficient and generous floor plates of 34,500\n square feet. The property's cutting edge green technology will\n significantly reduce operating costs and is anticipated to earn a\n prestigious LEED Silver certification. One of the defining features of\n this property is its awe inspiring views of the East River and the\n Midtown Manhattan Skyline.  In addition, the property's Queens Plaza\n location places it on the doorstep of Long Island City's most important\n transportation hub.  Six separate subway lines are accessible within a\n two minute walk of the Property, providing rapid transit to Midtown\n Manhattan's Grand Central Station in approximately 8 minutes.\n Outstanding bus service, easy access to the Queensboro Bridge, the Long\n Island Expressway, and the Long Island Railroad Station nearby, all add\n to the unmatched connectivity of the area.  Due to its superior\n transportation infrastructure and relative affordability, Long Island\n City is ideally positioned to serve as an extension of...