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Paramount announces 137,000 s/f Financial Sq. deal.

Just before the close of 2004, Paramount Group scored a coup in signing one of the top five largest leasing deals of the year in downtown Manhattan.

Financial services giant TD Waterhouse signed a 137,000 s/f lease at Paramount's Financial Square, making the one million square-foot office building across from the South Street Seaport its headquarters location. TD Waterhouse will consolidate four Manhattan locations into one office at Financial Square when the firm takes occupancy in early 2006.

"In 2004, we signed new leases for more than 275,000 square feet at Financial Square alone," said Paramount Group Vice President Arthur L. Bocchi, who, along with Cushman & Wakefield, represented the landlord in lease negotiations with TD Waterhouse. "The leasing success of Financial Square confirms that Downtown Manhattan isn't just coming back, it IS back, in a big way. We're very encouraged that the financial services companies continue to acknowledge that Lower Manhat tan is still the location of choice for their industry."

"Furthermore, Financial Square was specifically designed with the deep technological infrastructure and redundant power capability to accommodate firms such as TD Waterhouse that effectively need to run their operations 24/7," said Albert P. Behler, President & CEO at Paramount Group.

"We're not surprised that the building has always maintained its viability even during market downturns. With its soaring 40-foot-high granite and marble lobby and unobstructed vistas of the Manhattan skyline that complement its technological attributes, it is obvious why Financial Square is leading the market turnaround now taking place downtown."

In its lease negotiations with Paramount Group, Mark Ravesloot of CB Richard Ellis represented TD Waterhouse. Earlier in 2004, Paramount Group signed two other large leases (70,000 square feet each) at Financial Square with insurance brokerage firm Frank Crystal & Co. and the U.S. Department of Education.
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Title Annotation:Paramount Group Inc. and TD Waterhouse Group Inc.'s contract
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Feb 23, 2005
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