The Real Deal New York

From the October issue: Like a vertical ghost town, 11 Times Square, the city’s largest
speculative office tower, remains entirely unleased more than two years
after breaking ground in the summer of 2007. Some experts give the owners — a partnership between developer SJP
Properties and a fund managed by Prudential Real Estate Investors
called PRISA — little chance of holding on to the 1
million-square-foot building without a significant debt restructuring,
if at all. They cite the current weak economy, the 25 percent decline in rents,
and the cost of the building, a pricey $1,100 per square foot. Those affiliated with the building, which is located at 640 Eighth
Avenue between 41st and 42nd streets, have put on a brave face,
however. They say there is a great deal of activity at 11 Times Square,
which is being marketed by commercial brokerage CB Richard Ellis.