The parent company of fashion retailer Ann Taylor renewed its lease at Boston Properties’ 7 Times Square.
Boston Properties president Doug Linde said during the company’s third-quarter earnings call Thursday said Ann Inc., which also owns the brand Loft, just signed the deal “this week”, the Commercial Observer reported.
Linde didn’t provide much detail on the deal, but CoStar Group shows the tenant occupies roughly 300,000 square feet across three floors in the 47-story tower, according to the CO.
The company signed a 15-year lease to anchor the 1.3 million-square-foot tower between West 41st and West 42nd Streets in 2004. The lease was set to expire in 2020.
Boston Properties executives said they provided Ann Inc. with a free rent period in 2008 as a sweetener to sign a long-term renewal.
Boston Properties owns 7 Times Square with the Norwegian sovereign wealth fund Norges Bank, which paid $684 million in 2013 to acquire a 45 percent stake in the property. [CO] – Rich Bockmann