2008-04-09 20:36:44 - 40-Story Speculative Commercial & Retail Tower Will be Delivered
To the Market for Tenancy in Late 2009

NEW YORK, NY - SJP Properties today announced the beginning of the steel erection at 11 Times Square, the 1.1 million square foot commercial and retail tower that is the largest speculative development under construction in Midtown Manhattan. Approximately 7,000 tons of superstructure structural steel will be utilized in the construction of the 40-story tower rising on the corner of

42nd Street and Eighth Avenue.

'The introduction of structural steel on site and the completion of the foundation are significant milestones for 11 Times Square,' said SJP Properties Chief Financial Officer David Welch. 'The arrival and implementation of the steel phase will allow interior core and floor framing for the structure to take shape. We remain ahead of schedule and will deliver the building for tenant occupancy by late 2009. Although we are still early in the construction process, there has already been tremendous tenant interest because the tower will be one of the most environmentally friendly buildings ever built in New York City and will offer the state-of-the-art, new generation space with highly efficient floors that is in such short supply in midtown.'

The efficiency of the office floors is tremendously enhanced by the building's concrete core. The strength of the concrete core allows for construction of the office floors with fewer columns and, ultimately, a floor plate that works well for both office intensive and open layouts. In addition to the efficiency factor, 'there are several important reasons why we decided to use concrete for the building's core,' said Dan Kaplan, AIA, Senior Principal, FX FOWLE. 'First, it's a tremendous safety benefit. The concrete core gives 11 Times Square a robust enclosure for the building's various critical elements, including stairways, elevators and critical utility risers. Secondly, there are acoustic benefits to using concrete. The mechanical room on each floor will be fully enclosed within the concrete walls, shielding offices from vibrations and noise.'

11 Times Square will seek LEED Gold Certification from the U.S. Green Building Council. Leadership in Energy and Environmental Design (LEED) certification is the nationally accepted benchmark for the design, construction and operation of high-performance green buildings.

11 Times Square will offer seven column-free corner offices on every floor with panoramic views of the Hudson River and Empire State Building. Each of six large, usable terraces has been designed exclusively as a tenant amenity, without rooftop mechanical equipment or obstructions. The tower floors will have minimum 9 foot, 6 inch finished ceilings, floor to ceiling glass, state-of-the-art technology, a high-performance energy efficient environment and the large floor plates that are valuable assets for corporate America.

The location could not be more ideal for transportation. 11 Times Square will provide tenants with immediate access to 12 subway lines, with Grand Central Terminal and Pennsylvania Station just one subway stop away.

The development includes 53,000 square feet of retail on three levels and offers 14,000 square feet of commercial signage opportunities, including at the top of the building.

SJP Properties is one of the New York metropolitan area's leading developers of Class-A office and luxury residential properties with over $2 billion in current New York City development. SJP Properties is developing two New York luxury condominium properties - a 21-story building at 45 Park Avenue in Manhattan's Murray Hill neighborhood, which has recently sold out, and The Platinum, a 42-story building near Times Square at Eighth Avenue and West 46th Street, which has sold over 130 units.

About SJP Properties
For more than 25 years, SJP Properties has been setting the benchmark for excellence in speculative, build-to-suit, investment and development services of Class-A office space in the New York Metropolitan area serving major multinational and national tenants. Throughout its history, the company has developed in excess of 20 million square feet of headquarters-quality, Class-A office space and currently has an additional 6 million square feet in its development pipeline. SJP Properties is headquartered in Parsippany, New Jersey. For more information on SJP Properties, please call (973) 299-9117 or visit www.sjpproperties.com.