Office space at 11 Times Square is now 70 percent leased after developer SJP Properties and its equity partner Prudential recently signed a 54,000-square-foot deal with eMarketer, a leading provider of information and data on digital marketing and media. The company will relocate from downtown’s 75 Broad Street to the LEED for Core and Shell Gold-certified, 40-story, 1.1 million-square-foot office tower, whose construction and ongoing search for tenants we’ve tracked closely here at gbNYC.
The three other deals are for retail space: the largest with Señor Frog’s – the Mexican-themed eatery and entertainment venue of spring break lore, which is opening its first location in the Northeast, at 21,000 square feet; Bank of America for 2400 square feet; and Off the Wall Frozen Yogurt, taking 2500 square feet. All of the retail space at 11 Times Square is now accounted for after last year’s deal with Global Foods International for a 25,000-square-foot concept restaurant. Although this final retail tenant roster is perhaps less daring than if it included the aquarium concept once proposed by Toronto-based developer Jerry Shefsky, the tower’s 55,000 square feet of retail space is now completely leased. Other tenants that considered space at 11 Times Square include CVS Pharmacy and Buffalo Wild Wings (whose only New York City location remains in Brooklyn’s Atlantic Terminal Mall).
eMarketer and the new retail tenants will join the law firm Proskauer Rose – the anchor tenant – and software industry behemoth Microsoft, whose 230,000 square foot lease at 11 Times Square was one of 2012′s biggest stories. It’s unclear what eMarketer is paying, or which floors it will occupy. But Microsoft’s 16-year deal closed in the low $60s per square foot – significantly less than the triple digit figures that SJP had insisted were plausible even through the downtown. Still, the tower’s recent successes attracting high-profile office and retail tenants at premium rents continue to be vindication for the developer, which weathered criticism during the downturn for remaining firm with its asking rents and target tenant profile.