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September 15, 2020

This 1.4M SF, $750M Spec Office Development Was Launched In The Downturn — And It's Built Entirely Of Wood
[Webinar] When & Where Will Opportunities Arise As A Result Of The Pandemic? Find Out At Leader Of The Pack: A Conversation With Blackstone’s Ken Caplan 17 September

Economic downturns are usually a time of caution, especially in real estate. Debt markets become tight. Developers don’t build because they can’t predict demand. 

But …

A joint venture backed by Ivanhoé Cambridge has put together a €650M ($773M, £598M) funding package for a 1.4M SF office development that is being developed with no tenants lined up. And here’s the kicker — it is built entirely from wood. 

This 1.4M SF, $750M Spec Office Development Was Launched In The Downturn — And It's Built Entirely Of Wood

“It would be a lie to say it was a sure success to raise the funding during the pandemic but we knew our project was one that would make a lot of sense after COVID,” BNP Paribas Real Estate Managing Director of Commercial Property Development…

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