Another Company Takes Big Piece of Vacant 4 Times Square Space
By Terence Cullen January 13, 2017 3:37 pm
reprints
Looks like lightning struck twice this week at 4 Times Square.
RSM US has signed for 95,000 square feet previously occupied by media giant Condé Nast at the Durst Organization’s building at Broadway and West 42nd Street, according to a press release from the landlord. The firm, which specializes in tax, audit and consulting services, has signed a 15-year lease to take the whole 10th and 11th floors as well as part of the 12th floor.
Asking rent in the deal was $85 per square foot, according to The Real Deal, which first reported news of the transaction. The lease also includes access to a 2,100-square-foot private terrace on the 10th floor that overlooks Times Square, according to the release.
“We are pleased to welcome RSM to 4 Times Square and the Durst portfolio” Jonathan “Jody” Durst, the company’s president, said in prepared remarks. “One of the unique features of the building is its 11 terraces ranging in size from 330 to 5,750 square feet. The RSM team will enjoy spectacular views of the Times Square bowtie from their private 10th-floor terrace.”
Richard Schuham and Greg Taubin of Savills Studley represented the tenant, while Tom Bow and Rocco Romeo of Durst represented the landlord in-house. The Savills Studley brokers did not immediately return a request for comment via a spokeswoman.
RSM is moving from SL Green Realty Corp.’s 1185 Avenue of the Americas between West 46th and West 47th Streets, where CoStar Group indicates the firm leases 137,263 square feet.
The announcement comes a few days after news broke that Durst had signed SS&C Technologies to 140,000 square feet at the 1.9-million-square-foot tower. The financial technology company is also occupy two full floors and a piece of another through a 15-year lease.
Condé Nast vacated the space at the end of 2014, as it relocated to Lower Manhattan where it leases 1.2 million square feet at 1 World Trade Center (which Durst also controls). That created a vacancy of more than 800,000 square feet at the base of 4 Times Square, which Durst began steadily leasing in the last year. With the RSM deal, about half of that space is now spoken for.
