Leading New York-based construction company Tishman Speyer has announced that it is set to begin constructing The Spiral in Manhattan, having both secured a $1.8bn loan from Blackstone Mortgage Trust, and finalized an 800,000 square foot lease with Pfizer.
Costing $3.7bn to build, with the further $1.9bn financing coming from Tishman Speyer equity, The Spiral will become the new headquarters of American pharmaceutical conglomerate Pfizer, with the company set to occupy 15 floors of the new building.
“Tishman Speyer is thrilled to welcome Pfizer as the anchor tenant in The Spiral, the world's most connected and collaborative office environment,” said Tishman Speyer President and CEO Rob Speyer.
“With its iconic design, amazing views and abundant access to outdoor amenity spaces, The Spiral will serve as a major leap forward in the evolution of the modern workplace.”
The building will rise over 1,000 feet, featuring cascading terraces and hanging gardens. These terraces will ascend with one per floor in a spiralling motion around the building’s outer rim, providing accessible outdoor space.
“We congratulate Tishman Speyer for their inspired design and the jobs, both permanent and in construction, they are bringing to our great city,” said New York City Deputy Mayor For Housing and Economic Development Alicia Glen.
Approximately 7,600 construction jobs will be created throughout the building process.