Tenant Signs Long Term Deal at SJP Properties' Midtown Office Tower, Now 70% Leased
Computer and software giant Microsoft has signed a long-term lease for 203,693 square feet on the lower floors at 11 Times Square in New York City.
The brand new, 1.1 million-square-foot, 40-story, class A office tower is located at the corner of Eighth Ave. and 42nd Street in Manhattan's Times Square submarket. It is owned by a joint venture of SJP Properties and private investors advised by Prudential Real Estate Investors.
The LEED Gold-certified retail and office tower was chosen by Microsoft in part for its transit-hub location directly across from the Port Authority's bus terminal, subway access, and proximity to Penn Station and Grand Central Terminal. Microsoft also has a focus on providing its employees with a high-performing, technologically enhanced work environment - including above-average indoor air quality and concrete core construction to protect the building's critical infrastructure.
Lisa Kiell, managing director at Jones Lang LaSalle, represented Microsoft in the transaction. Jones Lang LaSalle's vice chairmen Mitchell Konsker and Paul Glickman, and Diana Biasotti, senior vice president represented SJP Properties. Jones Lang LaSalle serves as the exclusive leasing agent for 11 Times Square.
"This is a highly strategic move by Microsoft to relocate to a first-rate, technologically advanced building with strong and responsive ownership," stated Konsker. "This building is managed like a five-star hotel and is complementary to Microsoft’s identity as a global leader in the technology sector. The benefits to the company and its employees of occupying a building that offers the location and energy-efficiency advantages of 11 Times Square are significant and will have an immediate, positive impact on its business."
The property, directly to the north of the New York Times Building, has benefitted from the recent migration of global law and financial firms from Midtown towards Times Square. Other tenants in the building include Proskauer Rose, which leased 400,000 square feet shortly after the building opened in 2011, as well as Global Food in the retail space. Microsoft's lease brings the tower to 70-percent leased.
Tenant services at the building include a state-of-the-art elevator dispatch system, advanced visitor check-in system, secured loading dock and full-service mail center. High-efficiency improvements like floor-to-ceiling windows and full-building glass curtain and column-free corner offices add to the building's high LEED score. The tower offers access to numerous restaurants, hotels, entertainment and shopping venues as well.
"Microsoft’s decision to lease space at 11 Times Square is another significant sign that this building is being targeted by top-tier global firms looking to maintain their competitive edge by locating within transit hubs that provide unparalleled access and convenience to their employees, clients and customers," stated Steven J. Pozycki, CEO of SJP Properties. "Situated in one of the top transportation centers in Manhattan, 11 Times Square delivers numerous location advantages. When coupled with the tower’s superior technology, safety and robust energy-efficiency features, this tower promotes an enhanced quality of work life and employee productivity, and we are pleased to deliver on that promise for Microsoft."