Boston Properties, Related put office tower on hold

Boston
Properties and the Related Companies have delayed their plan to build
an office tower at 46th Street and Eighth Avenue in Times Square. The
news was contained in Boston Properties’ latest earnings report
released today, which showed the company had about $190 million in
write-downs and expenses. The developers had filed requests with the
Department of City Planning to transfer 120,000 square feet of
development rights from three nearby theaters to be used to add extra
stories to the tower. The applications were officially withdrawn on
Jan. 12, according to the City Planning Web site.