Proskauer Rose Expands to 478,000 SF at SJP Properties' 11 Times Square in 15-Year Renewal
Global law firm Proskauer Rose has expanded its footprint at SJP Properties' 11 Times Square by roughly 60,000 square feet, bringing its total occupancy at the Midtown Manhattan tower to approximately 478,000 square feet, according to the tenant.
The transaction, a coterminous lease renewal and expansion, adds 15 years to the firm's existing lease, which had been set to expire in 2031. Cushman & Wakefield's Mark Weiss, Jon Herman and Mike Middleton represented Proskauer Rose in the negotiations, while CBRE's Paul Amrich negotiated on behalf of landlord SJP Properties.
Expansion Details at 11 Times Square
The newly leased space spans floors 31 and 32 of the 35-story tower, located at the corner of Eighth Avenue and West 42nd Street — also known as 640 Eighth Avenue — one block west of Times Square. Construction on the 32nd floor is expected to wrap up in early 2027, at which point Proskauer's buildout will be complete, according to Hal Plott, the firm's chief real estate and facilities officer.
Proskauer originally relocated to 11 Times Square when the building opened in 2011, taking more than 400,000 square feet at that time. The firm's existing lease covered 14 and a half stories through the tower's 30th floor. The new deal also secured optionality for significant future expansions beyond the two newly added floors.
"Given our recent growth, the need for these expansion floors — and future expansion space beyond those — was something that was very necessary for us," Plott said.
Building Occupancy and Tenant Roster
Proskauer Rose's deal brings 11 Times Square to a reported occupancy of approximately 93%. The 1.1 million-square-foot tower counts technology company Microsoft, global consulting firm Synechron and law firm Rabin Pfeffer and Partners among its other office tenants.
SJP Properties developed the tower, which was completed in 2010 and opened in 2011.
Market Context
The deal comes as large, contiguous blocks of high-quality office space become increasingly difficult to assemble in Midtown. Midtown Class A asking rents averaged $88.50 per square foot in the second quarter of 2026, while Manhattan Class A space averaged $84.79 per square foot and overall Manhattan asking rents stood at $72.83 per square foot. Separately, asking rents for direct Class A office leases in Midtown averaged $95.01 per square foot in August, according to Cushman & Wakefield data.
Manhattan vacancy stood at 12.92% in the second quarter of 2026, with Midtown availability at 13.9%. Future large-tenant requirements — those seeking 100,000 square feet or more — were running more than 30% above the 2018–2019 average as of mid-2026, and Manhattan asking rents were projected to rise 5% to 6% by year-end, reflecting tightening conditions at the top of the market.
Proskauer's own business trajectory adds further context to the expansion. The firm reported 2025 revenue of $1.58 billion, a 13.8% increase year over year, with net income reaching $707.82 million and revenue per lawyer climbing to $1.91 million. Headcount rose to 829 full-time equivalent attorneys, with growth driven by its finance, funds, mergers and acquisitions, and disputes practices.
Brokerage Teams
On the tenant side, Cushman & Wakefield's Mark Weiss, Jon Herman and Mike Middleton led the representation of Proskauer Rose. CBRE's Paul Amrich represented SJP Properties as landlord. A spokesperson for Cushman & Wakefield declined to comment on the deal.
The transaction was first reported by the New York Post.
Sources
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