Tenants line up to fill Pfizer gap at 685 Third

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]

Tags:

685 third avenue

pfizer

tiaa-cref

 

Leave a Comment

Name:

(optional)

Email:

(optional)

Comment:

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
72-year-old actor Richard Gere and photo of property at 81 Lyndel Rd in Westchester (Getty Images, Ginnel Real Estate)
Richard Gere asks $28M for longtime Westchester County estate
Richard Gere asks $28M for longtime Westchester County estate
Latest fintech unicorn offers credit-score boost to renters
Latest fintech unicorn offers credit-score boost to renters
Latest fintech unicorn offers credit-score boost to renters
TRD Brand Studio: Your business, powered by The Real Deal
TRD Brand Studio: Your business, powered by The Real Deal
TRD Brand Studio: Your business, powered by The Real Deal
Marc Holliday, chairman and CEO, SL Green Realty Corp. (SL Green Realty Corp.)
Real estate bragging rights reach new heights
Real estate bragging rights reach new heights
Jason Rabin and 70 Cobb Road, Water Mill, NY (Google Maps, LinkedIn)
Southampton compound sells for $118.5M
Southampton compound sells for $118.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...