30 May 2018
Bouwinvest, the Dutch institutional real estate investor, has invested $100 million in the Tishman Speyer development project The Spiral as part of its strategy to grow North American assets under management by one third in the next few years.
Bouwinvest joined Tishman Speyer and over a dozen of the world’s largest real estate investors in the project to realise a 314-metre tall skyscraper that will be a landmark in the center of the Hudson Yards district of Manhattan’s Midtown West area. The Spiral takes its name from the landscaped terraces and hanging gardens that will circle the length of the building. Biopharmaceutical giant Pfizer will occupy 15 of the 65 floors when it relocates its global headquarters to the tower, construction of which starts next month and is scheduled to complete in 2022.
Gijs Plantinga, Bouwinvest’s Director of Northern America Investments, said: “The Spiral is the perfect addition to our portfolio in North America. After its completion it will be a long-term core asset that increases our exposure to the office sector in one of the world’s largest real estate markets. This investment takes us another step towards our goal of lifting assets under management on this continent to €1.5 billion by 2020.”
North American investments managed by Bouwinvest totalled €1.02 billion last year and have generated an annual net return of 11.6% for the last five years. About one third of the assets, which range from residential blocks to logistics warehouses and healthcare facilities, have either a four or a five green-star rating from GRESB.
The Spiral is a 260,000 sq.m. skyscraper that will fill the block from West 34th to West 35th Streets and from 10th Avenue to the Hudson Park and Boulevard. Itwill be adjacent to where the High Line elevated park meets Hudson Boulevard Park and the BIG-Bjarke Ingels Group design aims to create a visual extension of these green spaces looping around the building skywards. The development will be seeking LEED sustainability certification.
Directly opposite The Spiral is the Hudson Yards station of the recently extended 7-Train subway line, giving access to the rest of Manhattan and connections to the city’s five boroughs and beyond. The location is close to the city’s major transport hubs, which include the Port Authority Bus Terminal, Penn Station, the Lincoln Tunnel and the West Side Highway.