Proskauer Rose will become the anchor tenant at vacant 11 Times Square under “extremely favorable” terms, the firm’s chairman said.

The deal to lease 400,000 square feet plus options to expand reflects the bargaining power of tenants as a result of the downturn in the commercial real estate market. Proskauer not only took advantage of favorable rate conditions but also locked in options on the long-term lease that leaves ample room for future expansion.

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