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GlobeSt.com UPDATE: Boston Properties Says Andersen Deal Unresolved

NEW YORK CITY-Accounts of Arthur Andersen's decision to bail out of its Times Square Tower lease are premature, building owner Boston Properties says in an exclusive interview with GlobeSt.com.

By Glen Thompson and John Salustri | Updated on April 25, 2002

NEW YORK CITY-Despite a flurry of reports–including this morning’s report on GlobeSt.com–stating that Arthur Andersen has walked away from its 650,000-sf lease, an executive at Times Square Tower developer Boston Properties says that while the deal may be on life support, it has not yet given up the ghost.

Boston Properties senior vice president Robert E. Selsam, in an exclusive interview with Globest.com, says that negotiations regarding the Andersen lease are ongoing. “We are in discussions with Andersen concerning full or partial termination of their lease at Times Square Tower,” Selsam says. “These discussions have not concluded. We expect a conclusion in the near future.”

During Boston Properties’ Q1 2002 earnings conference call yesterday, CEO Ed Linde stated, “In all likelihood, Arthur Andersen will not move into Times Square Tower. There is a recognition–not only on our side but on their side as well–that they will not be occupying the space.” Linde added that it is in the best interest of both firms to resolve the lease issue as quickly and fairly as possible.

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