Proskauer Rose Adds Two Floors, 15 Years in Expanded Lease at SJP’s 11 Times Square

Proskauer Rose Adds Two Floors, 15 Years in Expanded Lease at SJP’s 11 Times Square

Global law firm Proskauer Rose has expanded its long-standing occupancy at 11 Times Square, adding roughly 60,000 square feet across floors 31 and 32 of SJP Properties’ 1.1 million-square-foot Midtown tower. The deal lifts the firm’s total footprint to approximately 478,000 square feet spanning more than 16 stories, according to the tenant.

Hal Plott, Proskauer’s chief real estate and facilities officer, said the transaction combined an expansion with a renewal that extended the firm’s lease by 15 years. The firm’s prior lease, which ran through 2031, covered about 14 and a half stories through the tower’s 30th floor. Plott noted the agreement also preserves options for additional future growth, pointing to the firm’s recent headcount expansion.

Proskauer was the tower’s founding anchor tenant, taking more than 400,000 square feet when the 35-story building opened in 2011. The new floors on the 31st and 32nd stories are expected to be ready in early 2027, when construction on the upper floor wraps up.

Cushman & Wakefield brokers Mark Weiss, Jon Herman and Mike Middleton advised Proskauer, while CBRE‘s Paul Amrich negotiated for SJP Properties. C&W and CBRE both declined to comment or did not respond to inquiries. Rent terms were not disclosed, though C&W data pegged average asking rents for direct, Class A Midtown office space at $95.01 per square foot in August.

The lease pushes the tower, also known as 640 Eighth Avenue, to a reported 93 percent occupancy. Its other tenants include Microsoft, consulting firm Synechron and law firm Rabin Pfeffer and Partners. The deal, first reported by the New York Post, arrives amid a Midtown leasing market where trophy buildings continue to attract large legal and financial tenants seeking contiguous space.

The transaction underscores the continued importance of anchor tenants for single-asset office owners like privately held SJP Properties, whose tower sits at Eighth Avenue and West 42nd Street, one block from Times Square. Long-term renewals from creditworthy law firms have become a sought-after source of stability in a leasing environment where tenants have increasingly concentrated in newer or well-amenitized Class A product.

What to watch

• Completion of the 32nd-floor build-out, expected in early 2027.
• Whether 11 Times Square signs further tenants toward full occupancy from its reported 93 percent level.
• Midtown Class A asking rents, currently averaging $95.01 per square foot per C&W, as new leases are signed.
• Possible exercise of the expansion options Proskauer secured in the agreement.

Source: original release