With or without Arthur Andersen, Times Square has made atremendous transformation since its days as a haven for the pornindustry. Today, other corporate logos include those of MorganStanley Dean Witter, Conde Nast and Nasdaq.

Boston Properties, of course, is hanging back on ground-breakinguntil an anchor is signed. But given the nature of the red-hot NewYork City real estate market, the wait shouldn't be a long one.Office vacancies for the Midtown sector have been pinned at lessthan 3%.

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