NEW YORK CITY-The financial and leasing health of spec office tower 11 Times Square has been called into question. According to a report in the Wall Street Journal, the 40-story, 1.1 million-square-foot tower being developed by New Jersey-based SJP Properties and funded by Prudential Financial Inc. remains 60% empty and unleased, despite rising costs and construction debt.
The tower, which began construction in mid-2007, got its first tenant, Proskaer Rose, in 2010. The law firm agreed to take a 20-year, 406,000-square foot lease for 14 floors in the building, while another firm, Zukerman Gore Brandeis & Crossman, recently signed on for 17,144 square feet.
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