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]

 

Related Articles

arrow_forward_ios
RXR Realty head Scott Rechler and CBRE Tri-State CEO Mary Ann Tighe
Rechler, Tighe know which real estate players will go extinct
Rechler, Tighe know which real estate players will go extinct
Altus CEO Mike Gordon and Reonomy's Richard Sarkis (Altus, Reonomy)
Software giant Altus acquires real estate data firm Reonomy for $200M
Software giant Altus acquires real estate data firm Reonomy for $200M
Retail availabilities decreased, but leasing increased in the third quarter (iStock, Wikimedia, LoopNet)
Manhattan retail market ticks up, indicating slow recovery
Manhattan retail market ticks up, indicating slow recovery
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Flight to quality in office real estate leaves trophy buildings the only winners
Amira Yunis (Sarcoma Foundation of America)
Top retail broker Amira Yunis dead at 51
Top retail broker Amira Yunis dead at 51
Darcy Stacom, CBRE’s head of NYC capital markets (Getty)
Darcy Stacom’s staffers say CBRE ace threw things at them
Darcy Stacom’s staffers say CBRE ace threw things at them
511 Barry Street and CenterPoint Properties CEO Bob Chapman (CBRE, GI Partners)
CenterPoint buys second warehouse in Hunts Point
CenterPoint buys second warehouse in Hunts Point
LA, Boston lead office recovery as Chicago and SF lag: report
LA, Boston lead office recovery as Chicago and SF lag: report
LA, Boston lead office recovery as Chicago and SF lag: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...