NEW YORK, May 18 /PRNewswire/ -- SJP Properties announced today that global law firm Proskauer has signed an office lease for more than 400,000 square feet at 11 Times Square, a 1.1-million-square-foot, state-of-the-art office and retail tower and one of the region's most environmentally responsible commercial buildings. The lease represents the largest office relocation in Midtown Manhattan in more than two years.
Proskauer's decision to move its headquarters to 11 Times Square – the only new office building of this size, quality and prominence pursuing Leadership in Energy and Environmental Design (LEED) Gold certification – is a reflection of its dedication to ensuring the well-being of its personnel by providing an office environment of the highest quality. Through the incorporation of advanced air filtration technology, 11 Times Square brings in air 600 feet above street level, which is then filtered 30 percent above LEED Gold standards, allowing personnel to breathe cleaner air and greatly improving the quality of life within the building.
LEED certification, administered by the U.S. Green Building Council, is the nationally accepted benchmark for the design, construction and operation of high-performance green buildings.
"This move is a testament to our heritage as a firm inextricably linked to the institutions that define New York's vibrancy. At the same time, this move provides a platform for our future – in this city, and beyond, as we continue to expand our practice areas, enhance our capabilities and extend our global footprint," stated Allen I. Fagin, Chairman of Proskauer. "In addition to affirming our commitment to New York City and our growth strategy in the major domestic and international markets, there is no question that the technological advances incorporated into this building, coupled with the tower's commitment to sustainability, highly efficient design, access to mass transportation and central location, all played critical roles in our firm's choice of 11 Times Square as our new headquarters."
Among the many advances offered by 11 Times Square, Proskauer's new office location features an architecturally distinct, highly efficient glass curtain wall exterior, designed by FXFOWLE Architects in collaboration with SJP. The glass curtain wall, built to exceed even the dramatic advances made in the last few years to building technology, affords environmentally conscious tenants numerous benefits in reducing heat gain, minimizing thermal loss and decreasing heating, cooling and overall utility costs.
The site of 11 Times Square was purchased by SJP in a joint venture with long-time investment partner Prudential Real Estate Investors, and the building is likely to be the only new construction to be delivered to the Midtown market within the next several years. The tower is scheduled for completion in June 2010, and Proskauer is expected to take occupancy of its space on floors 17 to 30 in 2011. The firm is currently located at 1585 Broadway.
"We have long known that there existed strong demand among forward-thinking companies to relocate to a new development that offers the unparalleled location, technological and energy-efficiency advantages of 11 Times Square," stated Steven J. Pozycki, CEO of SJP Properties. "Proskauer is the type of world-class tenant we specifically targeted for this building, and we are extremely confident that the firm's move to high-performance new construction will offer both immediate and long-term benefits."
Stephen B. Siegel, Chairman – Global Brokerage, CB Richard Ellis, Inc., represented SJP Properties in the transaction, and Proskauer was represented by Michael Geoghegan and Stuart Eisenkraft of CB Richard Ellis. Davis & Gilbert served as legal counsel for SJP Properties and Proskauer represented itself during the negotiations.
"Proskauer's relocation to 11 Times Square is a significant validation of both SJP Properties' strategy of developing this world-class building on speculation, and the flight of corporations to technologically superior, energy-efficient office environments," stated Siegel. "While many in the industry talk of green buildings today, SJP Properties has taken this commitment to an entirely new level with 11 Times Square. Both SJP and Proskauer are excellent examples of companies leading the movement toward healthier office environments."
Additional benefits of the building include the presence of seven column-free corner offices on every floor, six tenant-exclusive useable terraces throughout the building, and a state-of-the-art elevator system. Floors will have up to 16-foot slab heights and floor-to-ceiling unobstructed glass that affords stunning panoramic views of the Hudson River and Midtown Manhattan.
Located at the intersection of Eighth Avenue and 42nd Street, immediately north of the New York Times building, 11 Times Square will help define the western gateway to the 42nd Street/Times Square business corridor. Since the mid-'90s, the neighborhood has been the beneficiary of a significant migration in the tenant population in Midtown toward Times Square, led by many of the world's leading law firms and global financial services companies.
In addition to Times Square's numerous signature restaurants, world-class hotels and entertainment and shopping venues, 11 Times Square's centralized location enables tenants and visitors to benefit from immediate access to 12 subway lines through an on-site subway entrance, the Port Authority bus terminal and commuter parking lot, and Grand Central Terminal and Pennsylvania Station just one subway stop away.
About SJP Properties
SJP Properties is a fully integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company's core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes and build-to-suit corporate headquarters properties, as well as for individual tenant build-out projects. For more than 27 years, SJP has sustained an unblemished track record of success having completed every project on time and within budget, and has developed strong relationships with some of the industry's foremost investors and lenders.
For more information on SJP Properties, please call 973-299-9117 or visit www.sjpproperties.com.
SOURCE SJP Properties