Microsoft Signs Lease at SJP Properties' 11 Times Square

           Microsoft Signs Lease at SJP Properties' 11 Times Square

Leading Global Software Company Attracted to Tower's Premier Transit Hub
Location and Superior Technology

PR Newswire

NEW YORK, Jan. 7, 2013

NEW YORK, Jan. 7, 2013 /PRNewswire/ --SJP Properties today announced that
Microsoft, the world's leading software company, has signed a long-term lease
at 11 Times Square, the company's new, state-of-the-art
1.1-million-square-foot, LEED-Gold-certified office and retail tower in
Midtown. The building is owned by a joint venture of SJP Properties and
investors advised by Prudential Real Estate Investors.

The lease reflects Microsoft's commitment to establishing its presence within
Manhattan's foremost transit hub location. Situated directly across from the
Port Authority's bus terminal, 11 Times Square features direct subway access
to all New York City destinations, and is only one subway stop from both Penn
Station and Grand Central Terminal, the city's two major transportation hubs.

The lease also demonstrates Microsoft's focus on providing its employees with
a high-performance, technologically superior work environment. From its LEED
Platinum-level indoor air quality and highly efficient glass curtain wall, to
its precedent-setting concrete core construction that protects the building's
critical infrastructure and provides enhanced safety, 11 Times Square was
developed as Midtown's most advanced new commercial tower, affording the
latest in cutting-edge technology, security and energy-efficiency features.

"Microsoft's decision to lease space at 11 Times Square is another significant
sign that this building is being targeted by top-tier global firms looking to
maintain their competitive edge by locating within transit hubs that provide
unparalleled access and convenience to their employees, clients and
customers," stated Steven J. Pozycki, CEO of SJP Properties. "Situated in one
of the top transportation centers in Manhattan, 11 Times Square delivers
numerous location advantages. When coupled with the tower's superior
technology, safety and robust energy-efficiency features, this tower promotes
an enhanced quality of work life and employee productivity, and we are pleased
to deliver on that promise for Microsoft."

Jones Lang LaSalle Managing Director Lisa Kiell represented Microsoft in the
transaction, while Jones Lang LaSalle Vice Chairmen Mitchell Konsker and Paul
Glickman and Senior Vice President Diana Biasotti represented SJP Properties.
Jones Lang LaSalle serves as the exclusive leasing agent for 11 Times Square.

"This is a highly strategic move by Microsoft to relocate to a first-rate,
technologically advanced building with strong and responsive ownership,"
stated Konsker. "This building is managed like a five-star hotel and is
complementary to Microsoft's identity as a global leader in the technology
sector. The benefits to the company and its employees of occupying a building
that offers the location and energy-efficiency advantages of 11 Times Square
are significant and will have an immediate, positive impact on its business."

Located at the intersection of Eighth Avenue and 42nd Street, immediately
north of The New York Times building, 11 Times Square helps to define the
western gateway to the 42nd Street/Times Square business corridor. Since the
mid-'90s, the neighborhood has been the beneficiary of a significant migration
in the tenant population in Midtown toward Times Square, led by many of the
world's leading law firms and global financial services companies.

The building's premier concierge-level services include a high-tech,
state-of-the-art elevator dispatch system that minimizes tenant wait and is
integrated with the building's security system; an advanced visitor check-in
system; a large, secured, fully-efficient loading dock; and a messenger/mail
center and delivery area specifically designed to maximize ease of use by
tenants. The building's highly efficient office space features
floor-to-ceiling windows and column-free corner offices, as well as multiple
private terraces.

The tower offers convenient access to the numerous signature restaurants,
world-class hotels and entertainment and shopping venues that define Times
Square as an iconic neighborhood.

Upon 11 Times Square's completion in 2011, the global law firm of Proskauer
relocated to more than 400,000 square feet at the building. In 2012, SJP
completed seven additional leases at the building, including a long-term lease
with Global Food International Corporation for approximately 25,000 square
feet of the building's retail space. With Microsoft's lease, the building is
now more than 70 percent leased.

About SJP Properties
SJP Properties is a vertically integrated commercial and residential real
estate developer, investor, asset manager, construction manager and property
manager. The expertise of the company's core in-house team of professionals
encompasses the entire development process, from site selection through
coordination of tenant move-in for large multi-phase office complexes as well
as for individual tenant build-out projects. The company is a recognized
leader in the development of build-to-suit office and mixed-use developments
on behalf of a long-list of leading corporations, including Panasonic
Corporation of North America, Prudential, BMW, Sanofi, Tiffany's, Ingersoll
Rand and Bayer. The company's leadership has established relationships with
many of the industry's leading investors and financial institutions, providing
unparalleled access to capital.

For 30 years, SJP has sustained an unblemished track record of success, having
completed every project on time and within budget. For more information,
please call 973-299-9117 or visit www.sjpproperties.com.

SOURCE SJP Properties

Website: http://www.sjpproperties.com
Contact: Christa Segalini, Beckerman, +1-201-465-8021,
csegalini@beckermanpr.com