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LIKE MANY OTHER PEOPLE, Studley Chief Executive Mitchell Steir was profoundly skeptical when The New York Times Co.'s new headquarters on Eighth Avenue and West 41st Street began to take shape in 2005.
The building's front doors would open on seedy Eighth Avenue and the notoriously scruffy Port Authority Bus Terminal, and the glittering office buildings of Times Square would be a long, dreary block away.
How times-and opinions - change.
Hot prospects
"NOT ONLY is this going to be a magnificent building architecturally and physically, but it has the good fortune to come on line when demand has been frenzied," Mr. Steir says.
He should know. In June, he brokered a lease for 160,000 square feet in the Times tower for law firm Covington & Burling. A full 90% of the 700,000 square feet available for lease in the 52-story property has been spoken for, at rents-particularly for the top floorsapproaching Park Avenue rates of $100 a square foot.
The environmentally friendly building has done more than make developer Forest City Ratner Cos. richer. It has breathed life into the formerly moribund area:
Boundary drawn
AN EARLY BENEFICIARY of the change will be Parsippany, N.J., developer SJP Properties,...