Times Sq. Tower welcomes two new financial firms

Real Estate Weekly, Oct 13, 2004

Further illustrating the growing financial focus of Times Square, also known as the "Crossroads of the World", two London-based financial services firms have executed leases to occupy space at Times Square Tower, establishing their first major U.S. presence at the newly constructed, 47-story Class A office building.

Mark-it Partners, Ltd. and SuperDerivatives, Inc., have each taken 5,000-square-foot suites on the 25th floor and 35th floor, respectively, at Times Square Tower, which is owned by the real estate investment trust Boston Properties, Inc.

Mark-it Partners was founded in 2003 and is owned by 13 major banks including ABN Amro, Deutsche Bank, JP Morgan and Lehman Brothers.

It offers daily service for cash credit instruments and provides credit data. SuperDerivatives, Inc. is quickly establishing itself as the benchmark for Foreign Exchange options market pricing.

"These are two London-based firms that sought to be in the up-and-coming financial region of Manhattan," said Newmark's Managing Director, Jeffrey I. Peck, who represented both Mark-it Partners and SuperDerivatives in their lease negotiations. "It was their objective to be situated in an area that would attract the caliber workforce their professional firms require. In addition, Boston Properties has developed a world-class building with superior infrastructure to support their needs."

"The Times Square area is quickly becoming a focal point for financial companies," explained Peek.

Mark-it Partners and Super-Derivatives will be joining financial services firms that include Ernst & Young, Morgan Stanley and Reuters, among others.

The CB Richard Ellis team of Peter Turchin, Timothy C. Gibson and Henry E. Wojdyla represented Boston Properties in both transactions.

Times Square Tower, also known as Seven Times Square, was designed by world-renowned architect David M. Childs of the firm Skidmore, Owings and Merrill.

The 1,221,058-square-foot property opened in April 2004. Times Square Tower completes the renaissance of Times Square, New York's newest, most dynamic business location.

The building benefits from special zoning, which results in uniform floor sizes and panoramic views from every floor.