Times Square Tower to include 200,000-SF lease to law firm, according to newspaper report.Leasing prospects for Boston Properties' Time Square Tower--the skyscraper under construction at 42nd Street and Seventh Avenue--just got brighter. The REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). is reportedly close to leasing 200,000 SF inside the 48-story building that doomed auditor Andersen was set to anchor. 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. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Edward Linde was quoted last week in the Daily News saying "we are close to an agreement" with a major law firm. He added that Boston Properties is conducting talks with other tenants interested in up to 300,000 SF of the building. The Daily News cited real estate sources confirming that a law firm--Pillsbury Winthrop--is now talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to Boston Properties about leasing space in the building. Andersen's lease was officially terminated by Boston Properties this past May. Andersen was slated to lease 600,000 SF of the building. Neither Insignia--the building's leasing agent--nor Boston properties agreed to comment on the news. The remaining space within the building will have some competition when it is finished. Accroding to Cushman & Wakefield data, the commercial vacancy rate in Times Square (defined as Seventh Avenue to the Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. ; 42nd to 57th Street) is 11.3%. That number includes - new construction. Without the new construction, the commercial vacancy rate is substantially lower--6.6%. These numbers do not account for the known quantity of sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. space being marketed in the area which is assumedly a lot. When completed in 2004, the Times Square Tower will also have 60,000 SF of ground floor retail space. The space is expected to lease out for roughly $250 to $300 per SF, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. an anonymous retail broker who knows the Square market well. Shoe stores have been leasing space in Times Square recently. Foot Locker leased 10,500 SF at 1530 Broadway, Skechers leased a store inside 3 Times Square (Reuters Building). Also, another athletic shoe retailer--Champs--leased space in Times Square last year. "Asking rents have not come down that much here. There's a lot of quality Times Square retail space out there," said Stephen Yaloff, president of retail brokerage Robert K Futterman He described Times Square's retail leasing activity as "brisk." "For some reason, shoe retailers are really interested in this area right now," said Yaloff. |
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