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NEW YORK CITY-Locally based Proskauer Rose LLP, one of the nation’s largest law firms, is said to be in a handshake deal at the moment to lease 600,000 sf at a new Boston Properties site. Word on the street is that the new one-million-sf office tower will be located at 250 W. 55th St. at Eighth Avenue.

The unidentified source also tells GlobeSt.com that CB Richard Ellis is marketing the deal, but a CBRE spokesperson declined to comment at this time.

The law firm currently leases space at Hines’ 41-story 1585 Broadway property, which is also headquarters to Morgan Stanley. Calls to Hines, Boston Properties and Proskauer Rose were not returned by deadline.

According to Boston Properties’ third quarter report, initial occupancy for the one million-sf office tower will be fourth quarter 2009. Estimated total investment for the property is $910 million; however, investment total as of Sept. 30 was $275.5 million. Also, according to a separate Boston Properties’ document, the company has started approximately $1.7 billion of developments in 2007, including “commencing construction on our approximately one-million-sf office tower in New York City at 250 W. 55th St.” The document also notes that the property is a class A office project.

Additional research provided by Paul Bubny, editor in chief of Real Estate New York.

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