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New equity partner for 100 Claremont Avenue project secured

Lendlease and L+M have brought on a new joint venture partner, Daiwa House Texas Inc., to create a new, transformative mixed-use development at 100 Claremont Avenue. The project, designed by iconic New York architecture firm Robert A.M. Stern Architects, is a 354,000-square-foot mixed-use building including residential and academic components, immersed in the cultural and academic neighborhood of Morningside Heights. Its estimated completion date is Spring 2023.

Daiwa House is providing Lendlease and L+M, the two development partners, with substantial equity investment for the project. Daiwa House Texas Inc. is a wholly-owned subsidiary of Japan-based Daiwa House Industry Co., Ltd., which is Japan’s largest homebuilder and one of the world’s largest public companies. Daiwa House Texas Inc. is pursuing a strategic initiative to expand the company’s business in North America.

According to Melissa Román Burch, executive general manager at Lendlease, with the addition of Daiwa House they have solidified a world-class partnership for the development of 100 Claremont Avenue, which will allow them to deliver much needed new classroom facilities and high-quality housing for the academic community and neighborhood of Morningside Heights.  “We’re proud to combine Lendlease and L+M Development Partners’ extensive New York City and U.S. expertise with Daiwa House’s added global perspective to bring this important project to life,” she said.

Also Read: Construction of 100 Claremont Avenue in New York, US set to start

Greg Taketa, executive vice president at Daiwa House Texas further added that they are proud to be partnering with Lendlease and L+M on this important mixed-use project. “This development partnership has been years in the making and we are thrilled to see it come to fruition with the recent closing of construction financing and continuation of construction of 100 Claremont Avenue,” said Mr. Taketa.

100 Claremont Avenue

When fully constructed, 100 Claremont Avenue will integrate with the broader campus and surrounding neighborhood and will provide approximately 54,000 square feet of modern classrooms, academic offices and faculty-designated apartments. The remainder of the building comprises approximately 165 condominium residences with a mix of one-, two-, three- and four-bedroom units. The new building will meet the U.S. Green Building Council standards for LEED Gold Certification, and V2 of the WELL Building Standard™.

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