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Cheers! I love traipsing around the city on a weekend architectural/cocktail crawl!
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Untitled by Newell Reinvention, on Flickr
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https://www.crainsnewyork.com/real-estate/jacx-office-towers-queens-downgraded-due-high-vacancy-rate
The JACX office complex in Long Island City was fully leased even before Tishman Speyer finished developing the two towers holding 1.2 million square feet in the summer of 2019.
Unfortunately, the two biggest tenants were Macy’s and WeWork.
Soon after the pandemic hit, Macy’s elected not to occupy 600,000 square feet of back-office space, and WeWork terminated its lease for more than 200,000 square feet when it filed for bankruptcy in 2023. On Wednesday, Moody’s downgraded the JACX’s $425 million floating-rate mortgage, citing concerns over “significant dark space at the property and softer office market fundamentals.”
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Really love the food hall in this building but definitely noticed from the train that most office floors were empty with some in a state of partially having been built out with desks.
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