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.
The building is located across from the Port Authority bus terminal. Additional terms of the lease were not disclosed.
“Microsoft’s decision to lease space at 11 Times Square is another significant sign that this building is being targeted by top-tier global firms looking to maintain their competitive edge by locating within transit hubs that provide unparalleled access and convenience to their employees, clients and customers,” Pozycki said in a separate statement. [WSJ] —Zachary Kussin