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NAIOP 'Leasing Deal of Year' awarded to 5 Times Square.


The New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 City/Westchester County/Fairfield County chapter of the National Association of Industrial and Office Properties (NAIOP NAIOP National Association of Industrial and Office Properties
NAIOP National Association of Industrial and Office Parks
NAIOP Navigational Aid Inoperative for Parts
) recently honored Boston Properties Boston Properties, Inc. (NYSE: BXP) is a self-managed real estate investment trust (REIT) based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C. , Ernst & Young and the leasing teams involved in the 1.1. million square-foot lease of the yet-to-be-built 5 Times Square.

At NAIOP's First Annual Awards Gala held on November 5th, the association named the 5 Times Square transaction the "Leasing Deal of the Year for 1999.

In presenting the award, NAIOP recognized those involved in the transaction, including Robert Selsam, senior vice president at Boston Properties; Ernst & Young's national director of Real Estate Larry Ebert, principal Peter Brooks Peter Brooks (born 1938) is Sterling Professor of Comparative Literature at Yale University. He is formerly Professor in the Department of English and School of Law at the University of Virginia. , and global director of Corporate Real Estate Barry Barovick; Samuel Clark Samuel Clark (January 1800 – October 2, 1870) was a U.S. Representative from the state of New York and a a U.S. Representative from the state of Michigan.

Clark was born in Cayuga County, New York. He attended Hamilton College in Clinton and studied law in Auburn.
 III, senior director, and Edward Weiss, executive director at Cushman & Wakefield, who negotiated the lease on behalf of Emst & Young; and John Powers The name John Powers can refer to:
  • John A. "Shorty" Powers (1923 - 1980), public affairs officer for NASA
  • John Holbrook Powers, Nebraska politician
  • John Powers (mayor), former mayor of Spokane, Washington
, executive managing director, and Howard Fiddle, senior managing director of Insignia/ESG, who represented Boston Properties in the transaction.

"This award recognizes the hard work of the many individuals to complete this deal, said Selsam. "It is particularly exciting to us because the deal with Ernst and Young vindicates the judgment we made to acquire the site last year and enhances the viability of our second Times Square site across Seventh Avenue, the future home of the 48story Times Square Tower. We are looking forward to both buildings being a part of the newly revitalized Times Square."

According to the terms of the transaction, Ernst & Young will occupy the entire building upon its completion for a 20-year term. The accounting and consulting firm will relocate from various Midtown locations to consolidate its corporate headquarters in the 37-story office tower, to be located on the southwest corner of 42nd Street and Seventh Avenue.

Boston Properties owns 132 properties totaling 35.3 million square feet of space in and around Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts.

The Town of Boston is an interior town of the county and one of the county's "Southtowns.
, Washington, San Francisco and Baltimore. Its holdings include the Embarcadero Center in San Francisco and the Prudential Center in Boston. Boston Properties also owns 280 Park Avenue, 599 Lexington Avenue and 875 Third Avenue in Manhattan.
COPYRIGHT 1999 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Article Details
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Title Annotation:Industry Trend or Event; National Association of Industrial and Office Properties awards
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Dec 15, 1999
Words:342
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