News: Brokerage

Proskauer moves to Eleven Times Square - Ribbon cutting ceremony held; Fagin and Leccese of Proskauer joined by Mayor Bloomberg

Global law firm Proskauer has moved into its new office at Eleven Times Sq., becoming the anchor tenant at the new, environmentally responsible office tower. The lease for the 400,000 s/f space was one of the most significant in the area's office market in recent years. Proskauer chairman Allen Fagin and incoming chairman Joseph Leccese were joined by mayor Michael Bloomberg and a number of city, local business and community leaders at a ribbon cutting January 19 celebrating the move, which Fagin said was a testament to Proskauer's New York roots and a platform for the firm's future. "This move is a significant milestone for Proskauer, and we are proud to be part of the completion of the Times Sq. redevelopment initiative that began 30 years ago," he said. "We have had our headquarters in New York since the firm began in 1875 and since then have built a global platform that encompasses the world's key financial centers. Our new office stands as tribute to our longtime relationship with and service to the business, cultural and educational institutions that define the city." "We were thrilled to have had mayor Bloomberg join us to celebrate the opening of our offices at Eleven Times Sq.," said Leccese. "As we look to the future from this impressive new building, we are confident this endorsement from the city, the trust our clients place in us every day, and the hard work and commitment of all our personnel will further fuel our growth into the future." Proskauer occupies 14 floors at Eleven Times Sq., located at Eighth Ave. and 41st St. Developed by SJP Properties and designed by FXFOWLE Architects, the building has received the Leadership in Energy and Environmental Design (LEED) Gold Certification, based on the criteria set by the USGBC's LEED Green Building Rating System. It features the latest green technology in its design, including an advanced air filtration and ventilation system, as well as a glass curtain wall exterior that reduces heat gain and allows in natural light. The tower will also feature a 50-foot-long, 20-foot-high, backlit sign, making Proskauer the first law firm in New York to have its name prominently displayed at the top of its headquarters. Founded in New York in 1875, Proskauer opened its first office in Lower Manhattan. The firm now encompasses more than 50 practices, representing a broad range of clients in corporate, litigation, labor and employment, real estate, health care, personal planning, tax and intellectual property matters, among others. Its client roster of marquee New York businesses and institutions includes the New York Times Company, NYSE Euronext, Bank of America, Citigroup, Lincoln Center, the New York City Ballet, the Broadway League (all major theater owners), Columbia University, Cooper Union, Mount Sinai Medical Center, the Metropolitan Transit Authority, Con Edison, the Realty Advisory Board on Labor Relations, Major League Baseball, the National Basketball Association, the National Football Association, the National Hockey League, Major League Soccer, the Women's National Basketball Association, the New York Yankees, the New York Jets, and the City of New York itself. Today, as a global firm, Proskauer is recognized for its leadership in a variety of legal services provided to clients worldwide from offices outside of New York City, including: Boca Raton, Boston, Chicago, Hong Kong, London, Los Angeles, o Paulo and Washington, DC. AdditionalNew Orleans, Newark, Paris, Sa information can be found at www.proskauer.com.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,