Second anchor tenant signs on at 4 Times Sq.
The lease, for more than 660,000 square feet, is the second major lease signed for this 48-story, 1.6-million square-foot office tower. As a result of the signing, the building is now more than 80 percent leased. 4 Time Square is the first speculative office building in Manhattan in more than a decade.
"This lease was a cooperative effort by all parties involved, and The Durst Organization is extremely pleased to welcome Skadden, Arps, one of the premiere law firms in the world, to 4 Times Square," said Durst. "This lease substantiates the vision of Seymour Durst, who initiated this development three decades ago."
Robert Sheehan, executive partner at Skadden, Arps, said "This decision reflects our optimism about the future of the City of New York. We are extremely pleased to be a part of this exciting development for the City."
In August, Conde Nast Publications committed to 585,000 square feet of space in the building. With the addition of Skadden, Arps, which will begin occupancy in May 2000, more than 1.2 million square feet of space in 4 Times Square is leased. Less than 300,000 square feet of office space remain.
"What is truly remarkable," said Jody Durst, executive vice president and head of the negotiating team for The Durst Organization, "was the short time frame in which these leases were negotiated. While the Conde Nast deal took four months to complete, Skadden, Arps took only two months."
4 Times Square is the first office tower of the Times Square Redevelopment Project and is scheduled for completion in 1999. The Broadway and Times Square frontage will feature major commercial signage in keeping with the character of the area.
The Durst Organization also has made a strong environmental commitment in the development of 4 Times Square. Environmental guidelines will not only govern materials and practices during construction, but will be employed for the ongoing operations of the building. Tenants will be urged to utilize these guidelines in the construction of their offices. 4 Times Square will be the first major office building in New York City to be constructed under an environmentally responsible guideline.
4 Times Square was designed by Fox & Fowle, Architects. It features a strong corporate facade to the east toward Bryant Park, with the aura of Times Square as one rounds the corner onto Broadway. Skadden, Arps' offices will be designed by Gensler.
The Durst Organization was represented in the transaction by Thomas Bow, vice president and director of leasing, Marvin Harrison, senior vice president, and Louis Esposito, vice president - all of The Durst Organization. Skadden, Arps was represented by Peter Roberts, managing director, Scott Gamber, executive vice president, and Frank Small, associate, of LaSalle Partners.
Bow stated that, with the finalization of this lease. The Durst Organization will now shift focus to the building's 120,000 square feet of retail space on the first three floors and concourse which front on Broadway.
Attorneys representing The Durst Organization were Robert Safron and Stacey Gilchick of White & Case and Gary Rosenberg of Rosenberg & Estis, P.C. Benjamin Needell and Neil Rock of Skadden, Arps led the firm's representation in this transaction.
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|Title Annotation:||The Durst Organization signs a lease with Skadden, Arps, Slate, Meagher & Flom|
|Publication:||Real Estate Weekly|
|Date:||Oct 30, 1996|
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