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Midtown Manhattan: A Pillar of Strength

Published Monday, November 01, 2004

In February, the $1.7 billion Time Warner Center was unveiled to a coterie of black-tie guests in Midtown Manhattan. The 80-story, mixed-use complex houses more than 1 million sq. ft. of office space, a luxury hotel, several high-end restaurants and some of the city's most expensive apartments. Demand for space in the project was evident: The retail component, for example, was 98% pre-leased months before the center even opened. The project's success is emblematic of a real estate market that is finally emerging from a three-year slump punctuated by the 9/11 terrorist attacks. Office leasing is on the ...

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