Drawn-out negotiations have finally secured Microsoft a 230,000-square-foot lease and a new Midtown headquarters at 11 Times Square, the New York Observer reported. After being booted from Boston Properties’ under-construction 250 West 55th Street, Microsoft had been shopping for a new home, looking at 1290 Sixth Avenue and 641 Sixth Avenue.
The building at 11 Times Square, also known as Times Square Plaza, is a 40-story, 600-foot tower, that was built by a fund run by Prudential Financial and New Jersey-based developer SJP Properties for $950 million. The Microsoft lease is a huge success for the building, since it had struggled to secure tenants after the financial crisis hit.
The law firm Kasowitz Benson represented Microsoft in the deal. A team from Jones Lang LaSalle led by Mitch Konsker were behind the effort to bring Mircorsoft to the building. [NYO] –Christopher Cameron