The unidentified source also tells GlobeSt.com that CB Richard Ellis is marketing the deal, but a CBRE spokesperson declined to comment at this time.
The law firm currently leases space at Hines' 41-story 1585 Broadway property, which is also headquarters to Morgan Stanley. Calls to Hines, Boston Properties and Proskauer Rose were not returned by deadline.
According to Boston Properties' third quarter report, initial occupancy for the one million-sf office tower will be fourth quarter 2009. Estimated total investment for the property is $910 million; however, investment total as of Sept. 30 was $275.5 million. Also, according to a separate Boston Properties' document, the company has started approximately $1.7 billion of developments in 2007, including "commencing construction on our approximately one-million-sf office tower in New York City at 250 W. 55th St." The document also notes that the property is a class A office project.
Additional research provided by Paul Bubny, editor in chief of Real Estate New York.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
