Kaye Scholer Nears 260,000 SF Deal at 250 W. 55th St.

NEW YORK CITY-Boston-based REIT Boston Properties is on its way for getting its second tenant for its latest Midtown development. Unnamed sources told Crain’s New York Business that law firm Kaye Scholer has signed a letter of intent for around 260,000 square feet at 250 W. 55^th St. The people told Crain’s that if a lease is officially inked, the deal would bring the one-million-square-foot building to nearly half-full.

The law firm has agreed to pay between $85 and $90 a square foot for a 20-year term, the sources said. Kaye Scholer, which is currently located at 425 Park Ave., would be the second major law firm to take space at the 39-story office tower, joining Morrison & Foerster, who leased 180,000 square feet last year.