Third Avenue’s weak office marketcompelled the Durst Organization to take a different approach to finding tenants for its building at 205 East 42nd Street, where Pfizer vacated about 250,000 square feet two years ago. It decided to try and sell the space rather than lease it. Now, the Wall Street Journal reported that the landlord has found a buyer for 170,000 square feet of the space in the City University of New York.
CUNY had previously been rumored to be in talks for the space, but now a sale is official. Though the terms of the agreement were not disclosed, Durst Organization said it would regain control of the space in 30 years. [more]