NNN Lease Market
The owners of Manhattan’s 11 Times Square, a 40-story skyscraper built as the office market was peaking, have signed their second tenant, law firm Zukerman Gore Brandeis & Crossman LLP. The lease is for 17,144 square feet (1,593 square meters) of the 1.1 million-square-foot tower, said Peter Turchin, a broker at CB Richard Ellis Group Inc. (CBG) who represents the building’s landlords.
The Zukerman lease, signed May 20, should help turn around the $1.2 billion project, Turchin said. Construction of the skyscraper was begun in 2007 during a boom in Manhattan office demand, and completed in 2010 after the credit bubble burst.
“The building was constructed in a flat market, and it is now seeing a benefit from a market that’s in rebound mode,” Turchin said. “I have a high degree of confidence that there will be other tenants, and you’ll be hearing announcements like this in the next coming months.”
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