Bloomberg News

Boston Properties Nears Lease With Law Firm at NYC Tower

August 07, 2012

Boston Properties Inc. (BXP:US) is close to an agreement with a second law firm to lease office space at 250 West 55th St., a skyscraper the real estate investment trust is building on Manhattan’s west side.

The law firm is in talks to take about 266,000 square feet (25,000 square meters) on the lower floors of the 1 million- square-foot tower, Boston Properties President Doug Linde said today. He didn’t name the company.

“This is obviously subject to signing the lease, but we’re cautiously optimistic things are going to move in the right direction,” Linde said on the Boston-based landlord’s second- quarter earnings call.

Boston Properties, the biggest U.S. office REIT by stock market value, had suspended the project in 2009. It restarted construction last year after signing the law firm Morrison & Foerster LLP to a 180,000-square-foot lease. Morrison agreed to take another 24,000 square feet, which would leave the building almost 48 percent leased, including the second deal, Linde said. Most of the higher floors in the tower, which is at the corner of 55th Street and Eighth Avenue, are still available.

The Commercial Observer, a newspaper that covers New York commercial real estate, reported last week that Kaye Scholer LLP committed to rent about 260,000 square feet in the skyscraper, citing people it didn’t name. A call to Sandi Sonnenfeld, a spokeswoman for the law firm, wasn’t immediately returned.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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Companies Mentioned

  • BXP
    (Boston Properties Inc)
    • $135.18 USD
    • -1.10
    • -0.81%
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