Citing unnamed sources, the Post says the Proskauer lease is expected to be signed by the end of May. This past January, the Post reported that the law firm and CBRE had signed a term-sheet agreement on the multi-floor space.
If the Proskauer deal comes to pass, it will provide vindication both for SJP, which began building the $1.1-billion, 40-story tower on spec just before the market began to sour, and for a prediction CBRE's Robert Alexander made at the start of 2009. With the Wall Street meltdown fresh in everyone's minds, Alexander, chairman of CBRE's tri-state region, predicted that the property would "absolutely lease up."
Scheduled for completion later this year, 11 Times Square still has no formally announced tenants. However, Joseph Harbert, COO of the New York metro region for Cushman & Wakefield, noted at a press briefing earlier this month that "there are deals cooking over there."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.