Tishman Closes $425M Green Bond Refi for Long Island City Office Development Tishman Speyer has closed a $425 million green bond offering to refinance the recently-completed creative office development The JACX in Long Island City.The JACX, which was completed in 2019 and is 100% leased, boasts 1.2 million square feet of office and retail space across two 26-story towers connected by a five-story base. The building is the single largest addition to Long Island City’s office stock since the Citicorp Building opened in 1990.The bond offering was originated by Bank of America and refinanced Tishman’s initial construction loan with permanent CMBS financing. As part of its underwriting process, Bank of America commissioned independent ESG firm Sustainalytics US, Inc., to evaluate and certify that The JACX met requirements set forth in the Green Bond Principles 2021 for sustainability, energy-efficiency and attention to the needs of the surrounding communities, the companies said in a statement.Sustainalytics identified the building’s LEED Silver designation as particularly relevant to that determination, as well as its 100,000 gallon storm-water reclamation and filtration system, a two-stage air filtration system for indoor air quality, low-flow water fixtures, a 175-space bike parking area with showers, ample green space and nearby access to mass transit via multiple subway lines, buses and the Long Island Rail Road.“Tishman Speyer is dedicated to producing sustainable environments that add significant value to our customers and investors, as well as the residents of the communities in which they are located,” said Randall Rothschild, Senior Managing Director and Global Head of Debt at Tishman Speyer. “There is a growing appetite among pension funds and other institutional investors for projects that embrace and incorporate ESG principles.”The announcement comes as green bonds continue to gain traction among property owners, with an increasing number of REITs issuing the instruments. Proceeds from green bond offering proceeds account for 16.4% of all capital raised through U.S. REIT debt offerings so far this year, according to S&P Global. The segment is poised to hit an all-time high this year, and last year, green bond offerings constituted 10.3% of total debt capital raises.BofA Securities is the second most active underwriter of REIT green bonds and the third-most active REIT debt underwriter.