SJP Properties has tapped Robert K. Futterman & Associates (RKF) as the exclusive retail leasing agent for 55,000 s/f of retail space at 11 Times Square.
One of the region’s most environmentally responsible commercial buildings, the 1.1-million-square-foot, state-of-the-art new office and retail tower is nearing completion.
The tower, which will be the new global headquarters of international law firm Proskauer, is the only new commercial building of its size, quality and prominence pursuing Leadership in Energy and Environmental Design (LEED) Gold certification.
RKF chairman & CEO Robert K. Futterman, vice president Joshua Strauss and director Michael Worthman are marketing the retail space.
Located on the southeast corner of 42nd Street and Eighth Avenue directly across from the Port Authority Bus Terminal and immediately north of the New York Times building, 11 Times Square has available retail space that includes 16,500 s/f with 24-foot ceiling heights on the ground floor, 20,000 s/f with 18-foot ceiling heights on the second floor, and 18,500 s/f with 18-foot ceiling heights in the concourse. The opportunity exists for multiple divisions and configurations within the space.
"The appointment of RKF to our team at 11 Times Square reflects our commitment to hiring the finest organizations to complete our vision for this world-class office and retail tower," said Steven. J. Pozycki, CEO of SJP Properties.
"As one of the most strategically located buildings in all of Manhattan, 11 Times Square offers retail tenants the rare opportunity to occupy space in high-performance new construction situated amidst the vibrancy of Times Square and with direct access to multiple modes of transportation."
Futterman said 11 Times Square presents an exciting opportunity for a host of tenants — from fashion and specialty retailers to entertainment-themed retailers and restaurants — to have a significant presence in the Times Square business district and the most-visited tourist destination in the U.S.
The building’s location provides tenants and visitors with immediate access to multiple subway lines through an on-site subway entrance with Penn Station and Grand Central Terminal one subway stop away, as well as the Port Authority bus terminal directly across the street. In addition to the approximately 100 million subway riders who use the Times Square subway stations annually, there are 350,000 pedestrians and 300,000 vehicle passengers who travel through Times Square daily, according to the Times Square Alliance.
Brands that have established a presence in Times Square include American Eagle Outfitters, Aeropostale, Ann Taylor Loft, Gap, Hershey’s, Levi’s, M&M’s World, Modell’s Sporting Goods, Sephora, and many more. Conde Nast Publications, Ernst & Young, Morgan Stanley, MTV Networks, NASDAQ and Reuters are just a handful of the corporations headquartered in Times Square.
In May, SJP announced that Proskauer had signed a more than 400,000 s/f office lease at 11 Times Square, representing the largest office relocation in Midtown Manhattan in more than two years.
The site of 11 Times Square is being developed by SJP in a joint venture with long-time investment partner Prudential Real Estate Investors, and the building is likely to be the only new construction to be delivered to the Midtown market within the next several years. The tower is scheduled for completion in summer 2010, and Proskauer is expected to take occupancy on floors 17 to 30 in 2011.