Sources close to the deal are tight-lipped, but inside sources tell 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%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.