Powerful law firm Proskauer, Rose will sign a long-awaited lease next month to move to brand-new Midtown skyscraper 11 Times Square, sources told The Post.
“All the issues are resolved and completion of the deal is imminent,” a source familiar with the situation said. “It could happen by mid-May.”
The lease will be a breakthrough for the new tower at Eighth Avenue and 42nd Street, and its developer, Stephen J. Pozycki’s SJP Properties. It’s also a major vote of confidence in the market for newly-created office space in New York City.
Proskauer will take 400,000 square feet in the $1 billion-plus, 1.1 million square-foot project, where it will be the first office tenant. Proskauer is now at 1585 Broadway.
The Post first reported on Jan. 27 that Proskauer and SJP had a preliminary agreement, known as a term sheet.