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SJP’s Pozycki to sell off minority stake in 11 Times Square
Microsoft occupies office space in the tower, which is about 85 percent leased
SJP Properties’ Steven Pozycki and a group of investors are selling a minority stake in 11 Times Square, the 1.1 million-square-foot skyscraper where Microsoft has offices.
The investors — who are being advised by Prudential Real Estate — and the developer are offering a 49 percent interest in the 40-story tower. The property is the newest office building in Times Square and is about 85 percent leased.
CBRE’s Darcy Stacom and William Shanahan are marketing the stake, according to the New York Post.
Roughly 170,000 square feet from the 31st through the 36th floors remains vacant at the tower, the paper reported. Law firm Proskauer Rose takes up 400,000 square feet in the building and was the property’s first tenant.
Stacom and Shanahan are also marketing a minority stake in Edward Minskoff’s 590 Madison Avenue, on behalf of the State Teachers Retirement System of Ohio. [NYP, 1st] — Claire Moses