Tuesday, July 25, 2006

The Square Footage Record in Manhattan

The New York Sun reports:
Boston Properties sold the 1.2 million-square-foot, class A office complex at 280 Park Ave. to a foreign investor for about $1.2 billion, or $1,018 a square foot. Soon afterward, Sitt Asset Management and Steve Sutton sold the 15-story, 298,000-squarefoot office building at 1466 Broadway, aka Six Times Square, for about $300 million, or $1,007 a square foot.
If you are a decision maker in corporate America, and you have employees in NYC that aren't absolutely necessary why are they there?