In a transaction that highlights the continued attraction of Times Square for tech industry firms, the software company 10gen is already exercising its option to expand at the historic former New York Times headquarters building at 229 West 43rd Street.
87 percent of the leasing transactions in the Times Square submarket over the past 18 months have been tech deals. Now Yahoo! is about to join the fray.
The number 11 office address has been kind to recent commercial leasing activity in Midtown, with major renewal and retail deals finalized at 11 Penn Plaza and 11 Times Square, respectively.
The 40-story, 1.1 million-square-foot 11 Times Square – certified LEED for Core and Shell Gold – has leased 70 percent of its office space and all of its retail space after four recent deals totaling 75,000 square feet.
As rents rise in Midtown South and flexible office arrangements become harder to come by, an increasing number of technology companies are looking north: Felix/CityGrid Media is the latest to head back across 34th Street.
In a 220,000-square-foot deal, Microsoft has officially announced that it’s on the move from Sixth Avenue to the LEED Gold-certified 11 Times Square.
A major lease renewal at the 25-story, 415,000-square-foot 1412 Broadway is a good example of how Midtown owners are repositioning their assets with capital improvement programs – many of which have also included LEED and/or Energy Star components – designed to attract and retain tenants.
It’s taken a while, but SJP Properties has signed up its second tenant at 11 Times Square. But this time it’s a deal for about half of the LEED Gold-certified tower’s retail space with a Russian restaurant concept.
In a sale and lease back transaction, W.P. Carey & Co. has acquired 21 of the venerable newspaper’s 27 floors at its 620 Eighth Avenue headquarters building.
Boston Properties’ loss at 250 West 55th Street could become SJP Properties’ gain at the LEED Gold-hopeful 11 Times Square.