SJP Properties’ 11 Times Square has finally landed a tenant for part of its 55,000-square-foot vacant retail space. The Wall Street Journal reported that a Russian restaurant company, backed by chain Global Food International, leased 25,000 square feet on the ground floor and mezzanine.
Despite being passed by thousands of people every day, including travelers on their way to the Port Authority Bus Terminal, the space had sat vacant for nearly two years. In fact, since the 1.1 million-square-foot tower was completed at the end of 2010 it has sat 60 percent vacant. The new tenant, brought to the building by James Emden of Colliers International, marks the first major deal for the building since law firm Proskauer Rose signed for space before construction was completed.
SJP, represented by Robert Futterman and Joshua Strauss of Robert K. Futterman & Associates, had been seeking about $500 per square-foot for the space, which drew interest from CVS and Buffalo Wild Wings. [WSJ]