NEW YORK CITY-Boston Properties' 48-story Times Square Tower has gone on the block. Bloomberg reported Wednesday afternoon that the REIT's president, Doug Linde, broke the news at the NAREIT conference in Chicago.
An Eastdil Secured team led by managing director Doug Harmon is marketing the 1.2-million-square-foot office tower at 7 Times Square, Bloomberg reported. It's expected to fetch north of $1 billion, in common with the Carlyle Group's 650 Madison Ave. and a 40% stake in the General motors Building at 767 Fifth Ave. earlier this week.
“There's a significant amount of momentum for trophy properties in New York,” Dan Fasulo, managing director of Real Capital Analytics, told Bloomberg on Wednesday. “I wouldn't be surprised if those recent pricings don't bring out a whole new wave of discretionary sellers. This window is open right now, but it won't be open forever.” He noted that in common with 650 Madison and the GM building, Times Square Tower is located in a popular shopping district.
BXP completed Times Square Tower in the early 2000s. Its anchor tenant was to be accounting firm Arthur Andersen, which reportedly backed out amid accusations that it destroyed records in conjunction with its representation of Enron Corp.
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