More details revealed on Proskauer Rose deal at 11 Times Square

New York /
Jun.June 02, 2010 12:45 PM

Stuart Eisenkraft and 11 Times Square

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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