Boston Properties puts Times Square Tower on the market

TRD New York /
Jun.June 06, 2013 12:00 PM

Boston Properties’ 48-story Times Square Tower is on the market and could fetch more than $1 billion, Bloomberg News reported.

The 1.2 million-square-foot building, at 7 Times Square near West 41st Street, would “easily” fetch more than $1,000 a square foot, Dan Fasulo, managing director of Real Capital Analytics, told Bloomberg. If true, that would bring the deal to more than $1 billion. The Times Square Tower is almost fully occupied, according to data from CoStar Group reported by the news company. Tenants include Ruby Tuesday, Thomson Reuters and Ernst & Young.

Doug Harmon heads up a team of brokers at Eastdil Secured in marketing the Times Square tower. Harmon and his partner Adam Spies have been on a transactional tear of late, brokering the sale of 650 Madison Avenue, now in contract for $1.3 billion, as well as finding a buyer for the Time Warner Center, which has attracted similar bids.

Boston Properties built the tower in the early 2000s. Accounting firm Arthur Andersen agreed to be its anchor tenant during construction, but backed out amid accusations of destroying records pertaining to its client, Enron, Bloomberg said. [Bloomberg News] Mark Maurer


Related Articles

arrow_forward_ios
Boston Properties president Doug Linde and an Ann Taylor store (Getty)

Major retailers are squatting on prime real estate

Major retailers are squatting on prime real estate
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
Roy March, Eastdil Secured CEO

Eastdil Secured makes staffing cuts

Eastdil Secured makes staffing cuts
A photo illustration of Stephen Ross and Time Warner Center (Credit: Joel Auerbach/Getty Images, Wikimedia Commons)

Related plans Time Warner Center revamp

Related plans Time Warner Center revamp
The Moinian Group's Joseph Moinian, 3 Hudson Boulevard and Boston Properties' Owen Thomas (Credit: The Moinian Group, FX Collaboratiive and Boston Properties)

Hudson Yards district’s newest office tower to cost $2.6B

Hudson Yards district’s newest office tower to cost $2.6B
2 Grand Central and from left Rockwood Capital's Walter Schmidt, Robert Gray and Peter Falco (Credit: iStock)

Rockwood looks to get nearly $600M for Grand Central office tower

Rockwood looks to get nearly $600M for Grand Central office tower
Owen Thomas (Photo by Axel Dupeux)

The Closing: Owen Thomas

The Closing: Owen Thomas
Clockwise from left: JLL's Michele Mahl, Savills' Peter Hennessy, Eastdil Secured's Will Silverman, Christie’s Brian Meier, Nest Seekers' Mike Fabbri and Compass' Charlie Attias 

These were the biggest broker comings and goings of 2019

These were the biggest broker comings and goings of 2019
arrow_forward_ios

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

Loading...