Taconic Partners’ George Tsapelas Talks Taconic Development Advisors

Taconic Partners’ Vice President of Development George Tsapelas sits down with Commercial Observer to discuss Taconic Development Advisors and the transformation of 730 Third Avenue. 

Tell me about your experience at Taconic Partners and some of your current projects.

I’ve been at Taconic for close to 20 years, so I’ve had the opportunity to grow with the company and learn from some of the smartest minds in the industry. Among our vast portfolio of development projects, I work on all types of assets from life sciences to residential, but particularly enjoy our commercial redevelopment projects that include oversight of design, construction and lease-up. 

You mention 730 Third Avenue is a Taconic Development Advisors project. Can you tell me about this division?

At Taconic Partners, our goal is to make places, not spaces. We strive to go beyond just building and development, and we pride ourselves on our expertise in management and problem solving. Utilizing those strengths and our experience, Taconic Development Advisors offers strategic solutions and advice to our clients.

We are not afraid of complexity and our team brings decades of experience, offering big solutions to even the most sizable challenges. When we’re brought onto a project, our services encompass everything needed from start to finish, including securing necessary city approvals, choosing the right architect, working with existing tenants through complex renovations, curating amenity or art programs, and overseeing lease-up.

We’ve worked hand in hand with our client and long-time partners at Nuveen Real Estate on 730 Third Avenue to reposition the development for success. Understanding the client’s aspirations to modernize the building for their own benefit and to attract first-class tenants, Taconic led a complete reimagining of the property and 730 Third has set the high-water mark for an office building on Third Avenue. Beyond the artwork, key features we implemented to make this office property stand out include beehives that produce honey for building tenants, a food hall and accompanying app for advance orders and catering, a first-class fitness center equipped with Peloton bikes and beautifully finished locker rooms, and a conference center that can be customized and reorganized to accommodate multiple meeting types and sizes. The building’s website at 730 Third Avenue includes more details and photos of the entire offering. 

We know your relationship with Nuveen Real Estate goes beyond 730 Third Avenue. Can you tell me more about this partnership?

Taconic and Nuveen Real Estate have worked together for about seven years, bringing our teams’ expertise and experience to invest in new opportunities and build best-in-class developments. To date, we have already invested in over 2 million square feet in and around New York City in various investment vehicles for various asset classes, from life sciences to office and industrial.

Our teams trust each other and collaborate well together, utilizing the best of our different skill sets to create entirely unique products. We were really honored when they asked us to be a part of 730 Third Avenue and couldn’t be prouder of the finished product.