11 Times Square inks big lease

Developer SJP Properties has reason to celebrate, according to the New York Post’s Steve Cuozzo, after law firm Proskauer Rose signed a 406,000-square-foot lease at 11 Times Square yesterday. In a reversal of fortune, the 1.1-million-square-foot office tower, which is still under construction and had been entirely unleased as of October last year, is now almost 40 percent occupied, according to Steven Pozycki, CEO of SJP. “We assumed we’d have a third of the building leased by the time the shell was completed,” Pozycki said. “Instead, we have nearly 40 percent. This investment is going to be a gold mind.” Proskauer Rose’s rent is in the high $70s per square foot, sources say. Both tenant and landlord were represented by CB Richard Ellis. [Post, 1st item]