Times Square, long a tourist destination, has emerged in thelast several years as a spot for family entertainment. It has alsobecome a destination for shoppers with a variety of retailers andfor high-end businesses like Reuters. With neon lights and adsgalore, it has become a symbol of capitalism, glowing in aflourishing economy.

The Arthur Anderson deal is, according to GlobeSt.com's sources,for 524,000 sf of space in a 47-story building. Conditions uponwhich the deal hinges include Boston Properties actually completingacquisition of the property from Prudential Insurance Co. Theoffice property and the Times Square Brewery there now will be torndown to make room for the new $600 million facility.

GlobeSt.com asked Richard Bernstein, senior managing directorfor Insignia/ESG, to share his perspective on whether or not TimesSquare can support another office tower and what the market slumpmight spell for the area. "When landmark properties are created inareas like Times Square, it makes the area that much more bold," hesays. "Those businesses that can absorb the class A pricing attractmore feeder businesses--services and satellite organizations."