Proskauer Rose, a global law firm, has expanded its existing leased space at the 11 Times Square office building by approximately 60,000 square feet. This expansion covers the 31st and 32nd floors of the 1.1 million-square-foot office complex developed by SJP Properties, located at the corner of Eighth Avenue and West 42nd Street, one block west of Times Square. This move increases the total area occupied by Proskauer at 11 Times Square to approximately 478,000 square feet, as confirmed by the tenant. The New York Post was the first to report the transaction.
Hal Plott, Chief Real Estate and Facilities Officer at Proskauer, told Commercial Observer that the agreement represents a combined lease extension and expansion, prolonging the firm's current lease by 15 years. The original agreement was set to expire in 2031 and encompassed fourteen and a half floors up to the 30th floor. The new agreement also secures options for future, further expansions for the firm.
Strategic Expansion in Times Square
Plott commented on the necessity of the step: 'Given our recent growth, the need for this expansion space – and beyond that, future expansion opportunities – was very necessary for us.' The firm's expansion is planned for early 2027, coinciding with the completion of construction work on the 32nd floor. Proskauer had already leased more than 400,000 square feet upon the building's completion in 2011, making it one of the long-standing anchor tenants.
The negotiations were led by Mark Weiss, Jon Herman, and Mike Middleton of Cushman & Wakefield on behalf of Proskauer. Paul Amrich of CBRE represented SJP Properties in this transaction. Although the lease terms were not publicly disclosed, the average asking rents for direct Class A office space in Midtown were $95.01 per square foot in August, according to data from Cushman & Wakefield.
High Occupancy Rate for the Building
With Proskauer's latest agreement, 11 Times Square, also known as 640 Eighth Avenue, reaches a reported occupancy rate of 93 percent. The 35-storey building houses other prominent tenants such as the technology group Microsoft, the global consulting firm Synechron, and the law firm Rabin Pfeffer and Partners.
