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GlobeSt.com UPDATE: Andersen Terminates Times Square Lease

NEW YORK CITY-The beleaguered accounting firm pulled the plug on its 650,000-sf Times Square Tower lease two months ago. Building owner Boston Properties made the termination official late yesterday afternoon.

By Glen Thompson | Updated on June 25, 2002

NEW YORK CITY-Besieged accounting firm Arthur Andersen LLP has completed the termination of its lease at Times Square Tower with building owner Boston Properties.

Andersen had committed to 650,000 sf in the 1.2-million-sf building on 42nd St. between Broadway and Seventh Avenue. Months of speculation and denials from both sides that the deal was in trouble ended in late April when Boston Properties officials stated that chances of Andersen’s ever occupying the space were slim to none. (To read the original story, Click here).

At one point, Andersen reportedly was trying to work out a deal to move into part of the space it had leased, but its myriad Enron-related problems and the swift erosion of its client base apparently nipped that scenario in the bud.

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