Spec $1.1B Tower Moves One Step Ahead

[IMGCAP(1)]NEW YORK CITY-Parsippany, NJ-based SJP Properties have begun the steel erection at 11 Times Square , the 1.1-million-sf commercial and retail tower that is the largest speculative development under construction in Midtown Manhattan. Approximately 7,000 tons of superstructure structural steel will be utilized in the construction of the 40-story tower rising on the corner of 42nd Street and Eighth Avenue.

[IMGCAP(2)]“The introduction of structural steel on site and the completion of the foundation are significant milestones for 11 Times Square,” says SJP Properties CFO David Welch, in a prepared statement. “The arrival and implementation of the steel phase will allow interior core and floor framing for the structure to take shape. We remain ahead of schedule and will deliver the building for tenant occupancy by late 2009.”

[IMGCAP(3)]Welch continues that “although we are still early in the construction process, there has already been tremendous tenant interest.” He adds that the tower will be one of the most environmentally friendly buildings ever built in New York City and will offer highly efficient floors that is “in such short supply in midtown.”