Boston Properties announces second Times Square tower – New York

Boston Properties announces second Times Square tower – New York – Brief Article

Parke Chapman

Boston Properties recently announced that they will build a 47-floor, 1.2 million SF office building on the south side of 42nd street between Broadway and Seventh Avenue.

The ‘Times Square Tower’ site was bought from the Prudential Insurance Company of America for $164 million. Construction will begin in the second quarter next year. The building will be occupied, according to projections, by the fourth quarter of 2003.

Boston Properties signed a lease for over half a million SF on the lower level of Times Square Tower that will house Arthur Andersen’s New York City practice.

“We are the anchor tenant. This seemed to be the perfect fit for us,” said Lou Salvatore, interim worldwide managing director for Arthur Andersen.

“Our lease is up in 2004. We really wanted to get into a new class A building and this is it.”

The site is part of the 42nd Street Development Project.

The tower was designed by architect David M. Childs from the firm Skidmore, Owings and Merrill. It is Boston Properties’ second such project in Times Square. Prior to the Times Square Tower, Boston Properties established 5 Times Square — directly across Seventh Avenue — which is completely leased out to Ernst & Young. The building is under construction now.

Boston Properties is a real estate investment trust that boasts a diverse portfolio of Class A office, industrial and hotel properties. It concentrates on four core markets — Boston, Washington DC, Manhattan, and San Francisco.

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