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ING Real Estate Development has quadrupled its capital commitment to the U.S. market in two years, from $15 million to more than $60 million. The $725 New York Times headquarters building in New York City, launched in partnership with Forest City Ratner, is its biggest project to date. ING, a subsidiary of the Netherlands-based ING Group, a global provider of banking, insurance and asset management services, also announced an $83 million joint venture to convert a candy factory into high-end condos in Cambridge, Mass., and a $55.5 million mixed-use residential project in Annapolis, Md. Martin Standiford, director of development, recently spoke with NREI about ING's long-term investment strategy.
NREI: Why ramp up investment now, when the economy has been so weak?
Standiford: Institutional buyers, retreating...