The Real Deal New York

Worldwide Plaza in “active negotiations” for 1.5 million feet in potential leases

November 11, 2009 09:28AM

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From left: Worldwide Plaza, Peter Duncan, president of George Comfort & Sons

Worldwide Plaza has seen no shortage of interested tenants, said real estate investor Peter Duncan, president of George Comfort & Sons, which purchased the 49-story building from Harry Macklowe in July. Comfort now has 1.5 million feet in “active negotiations” for potential leases on the 700,000 square feet vacated by advertising firm Ogilvy & Mather this summer, Duncan said, adding that Third Avenue tenants have shown the most interest. The 14 empty floors make up the second largest empty space in the city. Comfort paid $590 million for the property at 825 Eighth Avenue, roughly a third of what Macklowe paid for it in February 2007. Asking rents are between $52 and $59 per foot. Last month, Colliers predicted that if Comfort proves successful in leasing Worldwide Plaza, that could encourage other investors to start buying New York’s distressed office buildings, too.

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