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Sources close to the deal are tight-lipped, but inside sources tell GlobeSt.com that Arthur Andersen had signed a letter of intent for 400,000 sf at Times Square Tower. Boston Properties’ 48-story building is to be erected on 42nd Street between Seventh Avenue and Broadway. An Arthur Andersen spokesman denied there was an agreement, saying it was considering other sites. The company is now housed in the Alliance Capital building, 1345 Sixth Ave. The architect of the new structure is Skidmore Owings & Merrill.

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

Boston Properties, of course, is hanging back on ground-breaking until an anchor is signed. But given the nature of the red-hot New York City real estate market, the wait shouldn’t be a long one. Office vacancies for the Midtown sector have been pinned at less than 3%.

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