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Jul

The Spiral Project: Updated July.2018

The Project will be developed on an approximately on 67,450-square foot full block parcel that was purchased in April 2014, which is in Midtown Manhattan’s fast-expanding west side neighborhood and business district known as Hudson Yards. We are pleased to report that its Spiral Project has achieved several of its milestones. According to the CanAm’s latest updates.

– In April 2018, the international pharmaceutical giant Pfizer, signed a 20-year lease totaling approximately 800,000 RSF, representing 29% of the building’s rentable area. Pfizer will relocate its global headquarters to 15 full floors (7 through 21) plus portions of the lobby level upon completion of the Spiral Project in 2022.

– In April 2018, the international pharmaceutical giant Pfizer, signed a 20-year lease totaling approximately 800,000 RSF, representing 29% of the building’s rentable area. Pfizer will relocate its global headquarters to 15 full floors (7 through 21) plus portions of the lobby level upon completion of the Spiral Project in 2022.

The Spiral Project in construction.

– On April 10, 2018, Tishman Speyer has closed on a series of transactions securing all of the necessary financing for the $3.7 billion project: a $1.8 billion construction financing from Blackstone Mortgage Trust,a publicly-traded affiliate of The Blackstone Group, and $1.9 billion equity from Tishman Speyer and various institutional, pension fund and individual investors.

– Based on the pace of its EB-5 fundraising to date, CanAm Enterprises and Tishman Speyer closed the EB-5 loan for the Spiral Project on June 13, 2018;we anticipate that the first loan disbursement will take place in late July 2018.

– Construction of the Spiral Project officially started as of June 18, 2018. Click on this article for more information.

The Spiral Tower is located next to the Manhattan River, New York.

– On June 29, CanAm was invited by Tishman Speyer to visit the Spiral construction site to see the current excavation work. According to Turner Construction Company, the general contractor for the Spiral, the progress is anticipated to be on schedule.

According to Turner Construction Company, the progress is anticipated to be on schedule.

– CanAm is happy to report that, based on the projected expenditure, approximately 830 EB-5 qualifying jobs have been created to date.

Based on the projected expenditure, approximately 830 EB-5 qualifying jobs have been created to date.
The construction team is working on a very aggressive work schedule with extended hours.

This is the latest update of The Spiral Project until July, 2018

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