Vacant space at 3 World Financial includes the entire 73,234-sf fifth floor, the entire 73,248-sf sixth floor and the entire 54,808-sf 10th floor. According to CBRE, the available space is the largest block of space remaining at the World Financial Center, an eight-million-sf , four-building complex in Lower Manhattan. Tenants at the complex include Merrill Lynch, Dow Jones and Deloitte & Touche.

Mary Ann Tighe, CEO of CBRE for the Tri-State Region, will provide overall direction for the project. Gregory Knoop, who was recently appointed head of Agency Leasing for Downtown, will oversee the day-to-day leasing initiatives.

Prior to receiving the exclusive assignment, CBRE arranged a 40,264-sf lease on behalf of Computer Generated Solutions Inc. at 3 World Financial. The 10-year lease covers the entire 27th floor of the building. CGS will move its headquarters from 37,000 sf at 1675 Broadway in Midtown by the first quarter of 2005.

CBRE also picked up the exclusive leasing assignment for 115,000 sf of space on four contiguous floors at 420 Fifth Ave. The firm will handle the leasing for the fourth through seven floors owned by a German investment group and managed by Invesco. The condominium building's owner/occupiers include the Rockefeller Foundation and Girl Scouts of America. The 30-story, 609,179-sf class A office building is in the Grand Central submarket between 37th and 38th streets.

All this activity comes on the heels of Silverstein Properties naming CBRE as the exclusive leasing agent for 7 World Trade Center, the 1.7-million-sf office tower being rebuilt in Lower Manhattan--the first after the Sept. 11 terrorist attacks. Tighe believes the firm has been on a roll in Manhattan lately because it has the "right combination of ingredients."

"We have a seasoned and extremely sophisticated agency department, people who have a well-established track record on being able to represent landlords and sub-landlords," she explains. "Number two, we have the dominate market share in tenant representation. As a result, I would say anywhere between a third and 40% of the deals in our agency buildings are done by our firm." This can save landlords up to millions of dollars, depending on the size of the building, because they only have to pay one full commission instead of an override, she adds.

Tighe also points to CBRE's market information as a leading factor in picking up the leasing assignments. "In an interesting way it's a generative cycle. We have the most information because we represent the most buildings because we represent the most tenants because we have the best information," she says. "Everything feeds into everything else. Our technology captures all of this so we're not in doubt about where pricing should be on, literally, a day-to-day basis. When the market is moving as swiftly as the market in Midtown is moving right now you want to know, day-by-day, where are the rent-up packages, where's the free rent, what's the rent going on in a competitive product and we have that information as close as our Blackberry. "

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