NEW YORK CITY-Law firm Proskauer Rose is close to signing a deal for about 400,000 square feet at SJP Properties’ 11 Times Square, making it the anchor tenant for the new 1.1-million-square-foot office property, the New York Post reported Tuesday. A spokesman for CB Richard Ellis, which represents both the law firm and SJP, tells GlobeSt.com his company has no comment on the Post story.

Citing unnamed sources, the Post says the Proskauer lease is expected to be signed by the end of May. This past January, the Post reported that the law firm and CBRE had signed a term-sheet agreement on the multi-floor space.

If the Proskauer deal comes to pass, it will provide vindication both for SJP, which began building the $1.1-billion, 40-story tower on spec just before the market began to sour, and for a prediction CBRE’s Robert Alexander made at the start of 2009. With the Wall Street meltdown fresh in everyone’s minds, Alexander, chairman of CBRE’s tri-state region, predicted that the property would “absolutely lease up.”

Scheduled for completion later this year, 11 Times Square still has no formally announced tenants. However, Joseph Harbert, COO of the New York metro region for Cushman & Wakefield, noted at a press briefing earlier this month that “there are deals cooking over there.”

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?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

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