The Real Deal New York

This month in real estate history

A look back at some of New York's biggest real estate stories

August 23, 2012 04:30PM
By Adam Pincus

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William Schreyer, former head of Merrill Lynch

From the August issue: In 1984, Wall Street investment firm Merrill Lynch & Company signed a lease-and-purchase agreement for 3.9 million square feet in two towers at the under-construction World Financial Center in Lower Manhattan 28 years ago this month.

Merrill signed a deal with Canadian developer Olympia & York to occupy 2 World Financial Center and 4 World Financial Center, as well as purchasing a 49 percent interest in each building. The deal was the largest lease-and-purchase agreement in the city’s history — a record it still holds. The company’s president William Schreyer (who the following year was named CEO), said the move would assure that “Merrill Lynch will remain a major corporate presence in New York City for years to come.” [more]