The Real Deal New York

Posts Tagged ‘11 Times Square’

  • From left: 11 Times Square and 250 West 55th Street

    Updated: 1:45 p.m., Nov, 16: High-end office buildings are rising at a rapid clip along the west side of Midtown, and developers say more projects might be in the offing.

    More than 3 million square feet of commercial space have been added in the last 10 years on a stretch of Eighth Avenue between West 40th Street and Columbus Circle.

    The vacancy rate for Class A office space in the area stood at 6.1 percent in the third quarter of this year, compared to a rate of 9.8 percent in Midtown, according to JLL. [more]

  • norges-11-times-square

    From left: Norges’ Yngve Slyngstad, 11 Times Square, Steven Pozycki (credit: STUDIO SCRIVO) and Darcy Stacom

    Norges Bank Investment Management, a division of the central bank of Norway, is in contract to acquire a minority stake at 11 Times Square for an undisclosed price, The Real Deal has learned. [more]

  • 11 Times Square Schotz

    From left: 11 Times Square and Jeffrey Schotz

    The New Jersey-based developer of 11 Times Square, the city’s largest speculative building when it broke ground in the summer of 2007, is moving its executive offices to the Crossroads of the World as it looks to expand its footprint in New York City.

    SJP Properties, the family run business that has been headquartered in Parsippany, N.J. since its inception in 1981, is moving an executive team of about 10 to 12 people in September into 5,000 square feet the company has taken in the 40-story office tower. [more]

  • From left: 11 Times Square and the logo

    From left: 11 Times Square and the logo

    UPDATED 9 a.m., July 16: is the newest tenant at 11 Times Square. [more]

  • Moore Capital founder Louis Bacon and 11 Times Square (Credit: CoStar)

    Moore Capital founder Louis Bacon and 11 Times Square (Credit: CoStar)

    After several months of deliberation, Moore Capital Management finally seems set to plant its flag atop 11 Times Square, The Real Deal has learned. [more]

  • 11-Times-Square

    11 Times Square

    Hedge fund Moore Capital Management is close to signing for 80,000 square feet at SJP Properties and Prudential’s office spec property 11 Times Square, including the penthouse office on the 40th floor and a private squash court, Crain’s reported.

    Rents at the 1.1 million-square-foot tower, located at 1251 Sixth Avenue in Times Square, are $90 per square foot and up. Newmark Grubb Knight Frank broker Neil Goldmacher is representing the would-be tenant, while Jones Lang LaSalle’s Mitch Konsker heads up a team that represents the owner. [more]

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  • 11 Times Square and 200 West Street

    Ten large Manhattan office tenants have committed to lowering their energy consumption by 30 percent over the next ten years, Crain’s reported. The pledge will affect the efficiency of about 17 million square feet of office space.

    Though new developments like 11 Times Square and One Bryant Park have energy-saving systems, the owners have had difficulty reigning in tenants’ high consumption. [more]

  • From the February issue:


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  • Four new leases signed at 11 Times Square

    February 11, 2013 06:00PM

    11 Times Square

    Four companies have signed — or are about to sign — new leases at 11 Times Square, the 40-story, SJP Properties-developed building also known as Times Square Plaza, the New York Post reported. One lease is for office space and three are for retail, leaving the building’s retail space fully occupied.

    A digital marketing, media and commerce data provider known as eMarketer took a 53,573-square-foot office space. Though it’s not yet signed, sources told the Post that the deal will likely be finalized this week. The lease would bring the 1.1 million-square-foot property to more than 70 percent occupancy. [more]

  • From left: Steve Pozycki and 11 Times Square

    Microsoft will pay rent in the low $60s per square foot to lease its 200,000-square-foot office space at 11 Times Square—a good deal compared to the roughly $75-per-square-foot that comparable properties are commanding, the Wall Street Journal reported. The deal is the result of the building’s developer — a joint venture between Steven Pozycki, the CEO of SJP Properties, and Prudential Financial — wanting to secure a major tenant inside the 1.1 million-square-foot building. [more]

  • 11 Times Square

    Long and 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 for 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 office 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 crises hit. … [more]

  • From left: 11 Times Square and Prudential Real Estate Investors CEO Allen Smith

    The lead investor in SJP Properties’ $1.2 billion 11 Times Square admitted it overestimated the long-term strength of the market when it backed the struggling office tower (note: clarification appended). In an interview with the New York Times, Prudential Real Estate Investors CEO J. Allen Smith said there was no way he expected the property to be just 40 percent leased three years after opening. “If we had known it would go on this long, we probably wouldn’t have done it,” he said. [more]

  • From left: Microsoft Chairman Bill Gates, Boston Properties Chairman Mort Zuckerman, SJP Properties CEO Steven Pozycki and a rendering of 250 West 55th Street

    Having been bumped from Boston Properties’ under-construction 250 West 55th Street, Microsoft now has the option of renewing its deal at the Vornado-owned, 2.1-million-square-foot 1290 Avenue of the Americas or relocating to 11 Times Square, the New York Observer reported.

    The reason for being bumped from 250 West 55th Street? Law firm Kaye Scholer signed a letter of intent to take 260,000 square feet in the tower, as previously reported. This and another deal with the law firm Morrison Foerster on the tower’s lower floors leaves Microsoft with the top floors, which are too pricey. [more]

  • From left: SJP Properties CEO Steven Pozycki, Colliers' James Emden and 11 Times Square retail

    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. [more]

  • From left: renderings of 250 West 55th Street, Manhattan West and 51 Astor Place

    The city’s low office vacancy rates and slowly rising rents are overshadowing a disturbing office leasing trend, according to the New York Post. Ground-up office projects have been unable to secure major tenants, which in turn has stifled development.

    Yesterday’s news that Silverstein Properties might cap off 3 World Trade Center at seven stories because of its inability to land a tenant, is just the most recent example. [more]

  • Steven Pozycki of SJP Properties and 11 Times Square

    The developer of the half-empty speculative office tower 11 Times Square has filed documents related to dividing the sleek 40-story tower into two condominium units, records on the city’s Department of Buildings website show.

    Developer Steven Pozycki’s New Jersey-based firm SJP Properties built the 1.1 million-square-foot tower between 41st and 42nd streets at 640 Eighth Avenue, which officially opened one year ago this month. [more]

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    From left: 11 Times Square, 9 West 57th Street and 1333 Broadway (building credit: PropertyShark)

    While global economic concerns have landlords of vacant U.S. retail spaces scrambling for any tenant, in Manhattan, landlords are patiently awaiting the perfect tenant for their trophy spaces, the Wall Street Journal reported.

    For example, it’s not for lack of interest that the 55,000-square-foot retail space in SJP Properties’ 11 Times Square, at 42nd Street and Eighth Avenue, has sat vacant for two years. Rather the developer wants to land a big-name and raise the profile of the one million-square-foot tower. … [more]

  • Another law firm has signed on to join Proskauer Rose at 11 Times Square, becoming the second tenant at the brand new, 40-story tower by SJP Properties and Prudential Real Estate Investors. According to Bloomberg News, Zukerman Gore Brandeis & Crossman will take 17,144 square feet at the $1.2 billion skyscraper, where Proskauer signed a 406,400-square-foot anchor tenant lease a year ago. The firm will pay “very close” to the asking rent of $72 per square foot for its 15th-floor space, said CB Richard Ellis’ Peter Turchin, who represents the landlords. … [more]

  • Law firm Morrison Foerster has signed a letter of intent to become the anchor tenant at Boston Properties’ new 250 West 55th Street tower, the Post reported. The firm is said to be taking upwards of 200,000 of the 843,564 square feet at the building, in a move that one source said finally renders it “a viable project.” Construction on the 40-story, Skidmore Owings & Merrill-designed property stalled in 2009 when the economy sank, causing it to lose prospective tenants like Proskauer Rose, which had been in negotiations to lease 400,000 square feet there before opting instead for 11 Times Square. … [more]


  • From left: Robert Futterman, Jay Cross, Larry Silverstein, Stephen Siegel, Ronald Sernau, Laurie Golub and Steven Pozycki

    Amid much back-slapping and cheerleading about the growth of Manhattan’s West Side at a panel yesterday that included developer Larry Silverstein, there was a hint that change could be afoot for the East Side of Midtown in the years to come. The millions of square feet of new office development being planned and built on the West Side in projects such as SJP Properties’ 11 Times Square and Related Companies’ Hudson Yards could lead owners of older Midtown office buildings — many of which are on the East Side — to convert them into residential apartments, following a pattern seen Downtown. … [more]