Boston Properties puts Times Square Tower on the market
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