Boston Properties is on the verge of landing a second large tenant for its under-construction Midtown office tower in law firm Kaye Scholer. Crain’s reported the firm signed a letter of intent to move to 260,000 square feet at 250 West 55th Street from its current offices at 425 Park Avenue. The 1 million-square-foot new building is slated to open in 2014.
Scholer has agreed to pay an average of $85 to $90 per square-foot over the course of a 20-year lease at the tower, located between Broadway and Eighth Avenue. Scholer could not renew its lease at its Park Avenue building because its owner, L&L Holding, will be demolishing most of the building once all its leases expire to build a new tower.
Boston Properties already has the law firm Morrison & Foerster signed on for 205,000 square feet on a 15-year lease. Microsoft has also been looking at space in the building and is expected to reach a decision in the coming weeks on whether to move to the Boston Properties building, or stay at its current 1290 Sixth Avenue location. [Crain's]