* New anchor tenant for skyscraper
* Construction restarting in fall
* Shares steady after hours
LAS VEGAS, May 24 Boston Properties LLP (BXP.N)
said on Tuesday it would restart construction of a Manhattan
skyscraper after securing a major tenant.
The law firm of Morrison & Foerster LLP has agreed to lease
about 180,000 square feet at the 1 million square-foot building
planned for Eighth Avenue and 250 West 55th Street, Boston
Properties and the law firm said.
The lease at the 39-story building calls for the law firm
to lease 7 floors for 15 years, with an option to add two more
"Our decision to proceed with construction reflects the
city's improving overall economy and the office market in
particular," Mortimer Zuckerman, Boston Properties chairman and
chief executive, said in a statement.
The glass-paneled tower is being designed by Skidmore
Owings & Merrill. Construction is expected to start in the fall
with occupancy in spring 2014, Boston Properties said.
Construction of the office tower began in late 2007, but
was suspended in 2009 after another law firm, Proskauer Rose
LLP, decided not to sign a lease and opted to become a tenant
at 11 Times Square.
The company's incremental cost to complete the project,
excluding capitalized interest, is expected to be about $400
million, bringing the total cost of the building to an expected
Paul Myers, John Maher and Tom Shirocky of CB Richard Ellis
Group Inc (CBG.N) represented Morrison & Foerster. John Powers
and Peter Turchin, also of CB Richard Ellis, represented Boston
Shares of Boston Properties closed down 0.24 percent at
$103.27 and were steady after hours.
(Reporting by Ilaina Jonas)