Tenants line up to fill Pfizer gap at 685 Third

TRD New York /
Sep.September 07, 2010 12:00 AM

September 07, 2010 08:30AM

The former Pfizer building at 685 Third Avenue, the Midtown office tower that was recently scooped up by pension fund TIAA-CREF for $190 million, is already drawing interest from a number of large prospective tenants, according to the Wall Street Journal. The pharmaceutical giant is set to vacate the property soon as part of its efforts to consolidate, leaving the entire 33-story tower up for grabs. Among the interested parties is said to be media giant Omnicom Group, which owns advertising agencies like BBDO Worldwide and DDB Worldwide and is currently headquartered at 437 Madison Avenue. Its lease there doesn’t expire until at least 2020, according to CoStar Group, so TIAA-CREF would likely need to lure the company to Third Avenue with attractive incentives. Meanwhile, executives of TIAA-CREF said they believe the office market in New York City has hit bottom and that the fund plans to add several more properties to its New York portfolio over the next 18 months. [WSJ]

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