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

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Related Chairman Steve Ross and Time Warner Center at 25 Columbus Circle (Credit: Getty Images and iStock)

A free penthouse for Steve Ross, now on the market for $75M

Jho Low and the Mandarin Oriental penthouse at 80 Columbus Circle (Credit: Getty Images and StreatEasy)

Jho Low’s old pad at the Time Warner Center is officially up for sale at $30M

Divco’s Stuart Shiff and Boston Properties’s Owen Thomas with 540 Madison Avenue

DivcoWest expands Big Apple footprint with Madison Ave office buy

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

From left: Wells Fargo CEO Timothy Sloan, Eastdil Secured CEO Roy March, Temasek CEO Ho Ching and Guggenheim president Jerry Miller (Credit: Getty Images)

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm