Tenants Taking Looks at Topped Out 11 Times Square

Asking rents may be holding steady in the low triple digits, but tenants continue to take a closer look at the LEED Gold-hopeful 11 Times Square.

Steve Cuozzo reported earlier this week that although asking rents are holding (for the time being) at $100 per square foot, tenants continue to tour SJP Properties’ LEED Gold hopeful 11 Times Square at the corner of 42nd Street and 8th Avenue. According to Cuozzo, German bank WestLB considered space at the tower before deciding on LEED Gold-certified 7 World Trade Center at a decidedly cheaper rent (between $75 and $85 per square foot). Japanese bank Mizuho is currently looking for a block of 250,000 to 300,000 square feet with CB Richard Ellis, and Cuozzo reports that it has visited the building as well. The National Basketball Association and Newmark Knight Frank are also interested and, according to Cuozzo, went so far as to draw up architectural plans for space, where it would relocate from 645 Madison Avenue.

Steve Siegel, the global chairman of CBRE who is heading up the leasing efforts at 11 Times Square, also told Cuozzo that “[a]t this moment in time we are in no rush [to enter into any leases]. We have a year before it’s completed and several years of carry built into the pro forma. While people will pay a premium, whether it’s $20, $30 or $10 a foot we don’t know yet.” 11 Times Square enjoys the luxuy of having had its financing in place prior to the credit crisis, and although SJP was confident it would have tenants in place over the summer, it seems like an anchor tenant could be coming sooner rather than later. SJP topped steel out for the project back in late November and tenant occupancy is slated for sometime in 2010.

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