Developer Pulls Plug on 2nd Midtown NY Tower
Crain's New York Business reports: Boston Properties Inc. has suspended construction of another Manhattan skyscraper. Work at 250 West 55th Street was stopped after a law firm pulled out of a planned lease, the company announced Friday. The move came less than two weeks after Boston Properties pulled the plug on another tower, on West 46th Street.
The developer had been negotiating with the law firm of Proskauer Rose for 500,000 square feet for at least $100 a square foot at the West 55th Street tower, according to sources. The project, a 1 million square foot office building, had already broken ground and was scheduled for completion in 2011. It is unclear what this suspension will mean for the law firm of Gibson Dunn, which had agreed to take 250,000 square feet in the same building.
“I wish I could say I'm surprised," said Dan Fasulo, managing director of Real Capital Analytics. "The market has changed."
View the full article on Crain's New York Business: Developer Pulls Plug on 2nd Midtown NY Tower
Posted by: Nina Turner