NEW YORK CITY—H&R Real Estate Investment Trust has agreed to form a joint venture with Tishman Speyer to develop a landmark luxury residential rental development in the growing Long Island City neighborhood of Queens. Tishman Speyer will act as the developer and manager of the Project.

The parcel is zoned for 1.2 million square feet of mixed-used development, potentially accommodating up to approximately 1,600 rental units and approximately 30,000 square feet of retail space developed in three phases. The site is adjacent to 2 Gotham Center, a fully-leased, state-of-the-art, 670,000 square foot office tower that was developed by Tishman Speyer in 2011 and acquired by H&R later that same year.

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