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Posts Tagged ‘11 Times Square’

  • The developer of the half-empty, 1.1 million-square-foot office tower at 11 Times Square has not signed a large lease since the law firm Proskauer Rose struck a deal last May, but it has found a few smaller tenants.

    There are “a couple pre-builts with leases” pending, Stephen Siegel, chairman of global brokerage at CB Richard Ellis, said, referring to finished office space constructed by developers to attract companies. He did not identify the companies that took space.

    Siegel and Steven Pozycki, CEO of 11 Times Square developer SJP Properties, were on hand last night for the ribbon-cutting led by Mayor Michael Bloomberg for Proskauer Rose opening its new office. Siegel made his comments in a private interview with The Real Deal. … [more]

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  • Eleven Times Square, the recently completed 1.1-million-square-foot office and retail tower in Midtown, has been granted LEED Gold certification from the U.S. Green Building Council, developer SJP Properties announced today. The building, located at the intersection of Eighth Avenue and 42nd Street, incorporates the latest green technology in its design, including an advanced air filtration and ventilation system, as well as a glass curtain wall exterior that reduces heat gain and allows in natural light. “Our original vision for 11 Times Square was to create a commercial building that would effectively raise the bar for sustainable construction and design…” said Steven Pozycki, CEO of SJP Properties. TRD[more]

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  • Stoler chats up Pozycki on 11 Times Square

    November 09, 2010 03:45PM

    The Real Deal columnist Michael Stoler sat down with the major players behind 11 Times Square, the glassy new building by SJP Properties, for a recent installment of “The Stoler Report.” Developer Steven Pozycki was on hand to discuss his plans for the property, which earlier this year scored its first major tenant — law firm Proskauer Rose — in one of the largest relocation deals of 2010. Since then, leasing “activity has been terrific,” Pozycki said. Ronald Sernau of Proskauer, which took 400,000 square feet at the 1.1 million-square-foot tower, called it “an awesome, breathtaking building,” adding that the firm would be moved-in by Jan. 15. To watch the entire show go to www.stolerreport.com.

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  • Futterman weighs retail options for WTC

    November 08, 2010 12:30PM

    alternate text
    1 World Trade Center, Robert Futterman

    Robert Futterman, founder and chief executive of the Robert K. Futterman & Associates retail brokerage, has gone full speed ahead on his new advisory role for the World Trade Center project, according to the New York Times. Futterman said his firm is helping the Port Authority of New York & New Jersey determine what kind of retail mix would work best for the site. So far, no retailers have committed, and Futterman said he’s still exploring options with the Port Authority. “We’re working under confidentiality in terms of names,” Futterman said. “But you can imagine, if it’s a half-a-million-square-foot regional shopping center, it’s all the household names. You’ll probably have something hipper than any shopping mall.” Also on Futterman’s plate: the vacant retail space at 11 Times Square. [NYT]

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  • From left, Lee Feld and Bruce Mosler (credit: Kaufman Center) and 1285 Sixth Avenue (credit: PropertyShark)

    In the third-largest leasing deal of the year, global advertising group BBDO Worldwide signed a renewal lease for 360,000 square feet at its headquarters at 1285 Sixth Aven … [more]

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  • BofA could join Condé at 1 WTC

    August 24, 2010 08:30AM

    Bank of America is looking for as much as 1 million square feet of new office space in Manhattan, even as it gets comfortable in its brand new LEED-certified eponymous mammoth at 1 Bryant Park, the Post reported. The bank, which is looking to replace the roughly 1 million square feet it has scattered amongst some older Manhattan buildings, including 1185 Sixth Avenue and 114 West 47th Street when their leases expire, has put out requests for proposals with landlords in Midtown and Downtown. Sources said the bank is looking for space with similar features to 1 Bryant Park, which it co-owns with the Durst Organization. That means two likely contenders are SJP Properties’ new 11 Times Square in Midtown, where 500,000 square feet is still available, and the rising 1 World Trade Center, in which Durst recently acquired a minority stake. Condé Nast recently signed a letter of intent to anchor the building, rejuvenating what was once a derided project, and Bank of NY Mellon is also reportedly looking there. Cushman & Wakefield’s Tara Stacom, who is representing the building, declined to comment. [Post]

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  • From left, 11 Times Square, 320 Park Avenue, 1 Bryant Park and CBRE’s Peter Turchin

    The
    downturn has sharply reduced the premium rent asked by landlords of
    about two dozen of Midtown’s … [more]

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  • Joseph Harbert

    Segments of the commercial leasing market improved sharply in Manhattan in the second quarter of 2010,
    led by large office deals such as 11 Times Square and New York City’s
    largest retail lease ever at 666 Fift … [more]

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  • Stuart Eisenkraft, an executive vice president at CB Richard Ellis Global Cities, successfully negotiated terms for law firm
    Proskauer Rose to occupy 380,000 square feet as an anchor tenant at 11 Times Square, in what may be the largest relocation deal for a commercial tenant this year, according to the New York Observer. The relocation deal marks the end of a long search by the building’s owner, SJP Properties, and reverses suspicions by real estate experts that the still-vacant, 40-story tower had become a casualty of the country’s economic collapse. For Proskauer Rose, which
    leases more than a dozen offices spaces in four continents, the deal provides visibility that the company had lacked as a tenant at 1585 Broadway, while also taking advantage of a multimillion-dollar subsidy from that building’s owner, financial firm Morgan Stanley. As the future occupier of approximately 40 percent of 11 Times Square, Proskauer Rose’s name will be advertised across the entrance to the building, while its employees will work on the glass-encased, ultra-modern middle floors. The deal took several years to complete, due to complex leasing issues, including a renewal option for
    Proskauer that Morgan Stanley hoped to avoid. [Observer]

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  • The office leasing market in Manhattan was mixed last month with a decline in overall vacancy rates that pointed to an improvement but at the same time average asking rents continued to slide lower revealing continued weakness, a new report rele … [more]

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  • A total of 14,800 desk jobs were added in the city since the year began, including 6,500 just in April, Crain’s reported. The number of office jobs was also on the rise last month, according to figures released today by Cushman & Wakefield. The total number of people employed in the financial, professional business services and media sectors in New York City reached 1.16 million in April, an increase of 6,500 jobs from March, marking the largest one-month increase since October 2007, when
    there was an increase of 7,500 jobs. “This marks the fourth month in a row of increase, which is certainly a much more robust and sustained iincrease in this cycle than anyone could have anticipated,” said Ken McCarthy, managing director of New York Area Research for Cushman & Wakefield, who analyzed the data. The growth has helped to increase demand for office space and keep the vacancy rate relatively stable, despite the addition of 1 million square feet to the Manhattan
    inventory with the recent completion of 11 Times Square. At the end of April, the Manhattan office vacancy rate totaled 11.5 percent, up slightly from 10.6 percent a year ago, but down from 11.6 percent at the end of March. [Crain's]

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  • 11 Times Square inks big lease

    May 18, 2010 08:30AM

    Developer SJP Properties has reason to celebrate, according to the New York Post’s Steve Cuozzo, after law firm Proskauer Rose signed a 406,000-square-foot lease at 11 Times Square yesterday. In a reversal of fortune, the 1.1-million-square-foot office tower, which is still under construction and had been entirely unleased as of October last year, is now almost 40 percent occupied, according to Steven Pozycki, CEO of SJP. “We assumed we’d have a third of the building leased by the time the shell was completed,” Pozycki said. “Instead, we have nearly 40 percent. This investment is going to be a gold mind.” Proskauer Rose’s rent is in the high $70s per square foot, sources say. Both tenant and landlord were represented by CB Richard Ellis. [Post, 1st item]

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  • New Manhattan office leasing volume in the first quarter reached its highest level in four years but the total vacancy rate continued to climb with the addition of new available space to the market, commercial firm Cushman & Wakefield reported in a first-quarter briefing this morning.

    There was 5.6 million square feet in new leases, which excludes renewals, in the first quarter of 2010, nearly doubling the 3.1 million square feet from the same period in 2009 and the best quarter since 5.9 million square feet was taken in the first three months of 2006, Cushman reported.

    With the addition of new space at 11 Times Square in Midtown and 85 Broad Street Downtown, the overall vacancy rate went up. The vacancy rate for Class A buildings in Midtown’s Times Square South submarket shot up to 27 percent last quarter from 14 percent in the fourth quarter of 2009 because of the addition of SJP Properties’s 1.1 million-square-foot 11 Times Square. … [more]

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  • SJP Properties’ 11 Times Square is close to a deal that would bring a seven-story aquarium to the lower floors of the empty tower, the Wall Street Journal reported. Toronto developer Jerry Shefsky is in negotiations that could allow him to start building out the space — a project that would cost an estimated $100 million — as soon as April, in order to debut the aquarium in September 2011. SJP broke ground on the 40-story tower in 2007. The property is scheduled to be completed in the next few months with office rents having dropped off 20 percent in the last year, according to Reis. The 11 Times Square aquarium would be unique as far as aquariums go, with far fewer fish than most and only 600,000 gallons of water, compared to the eight million gallons contained in Atlanta’s Georgia Aquarium, which opened in 2005. Half the space would be comprised of water exhibits, while a pirate museum and educational displays would adorn the rest, said Shefsky, who is head of Aquarium Developments Corp. Shefsky said a rendering of the aquarium was not yet available and that financial backers, who he declined to name, have been secured for the project. Law firm Proskauer Rose is also reportedly in negotiations for a 400,000-square-foot lease in the building.

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  • Times Square office buildings struggling

    November 30, 2009 04:01PM

    Times Square office buildings, which saw tremendous growth before the real estate bust, are now struggling to maintain their clientele as companies flock to take advantage of steep rent discounts in more traditional — and less congested — Midtown locations further east. Besides its crowd control problem, Times Square buildings suffer from the wrong layout for this new real estate era, said David Goldstein, a tenant broker and executive vice president and director at Studley. “The area’s biggest envelopes are raw space, where major build-outs are required. That’s a tough sell these days, with so much prebuilt space on the market at [relatively] low prices,” Goldstein said. Meanwhile, the 1.1 million square feet at speculative office tower 11 Times Square, which is slated for completion early next year, is still tenant-less. It may join the ranks of the former New York Times building at 229 West 43rd Street, whose 767,000 square feet is also currently vacant. [Crain's]

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  • Developer Steven Pozycki, CEO of SJP Properties, sat down with the New York Times to discuss his New Jersey roots and his latest project, 11 Times Square, which has had trouble acquiring tenants. There are currently no signed leases for the 40-story glass commercial tower stationed across from the Port Authority terminal, which is three-quarters completed. As The Real Deal reported, some experts have suggested that Pozycki won’t be able to hold onto the 1 million-square-foot building unless SJP is able to restructure the space’s debt. Still, Pozycki said he’s very confident that the project will move on as planned. “Fundamentally, we could carry the building three years — dead empty — from next April, when the building is finished,” Pozycki said. Meanwhile, a spokesperson for Pozycki told The Real Deal that the carrying period was two and a half years.

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