Paramount Group owns the one-million-sf asset, which had more than 275,000 sf of leases signed last year. "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 Manhattan is still the location of choice for their industry," says VP Arthur L. Bocchi, who, along with Cushman & Wakefield, represented the ownership in lease negotiations. Mark Ravesloot of CB Richard Ellis represented TD Waterhouse.

Larry Tannenbaum, executive director in Cushman's Downtown office who worked on the transaction with Bob Constable, tells GlobeSt.com that the financial firm looked all over the city, including Midtown before deciding on Financial Square. "Downtown will surprise people. There has been absorption of space," He credits the spread in price between Downtown and Midtown as a key reason firms are choosing Lower Manhattan. He said Lower Manhattan will continue to prove popular and says one deal that is near to closing is a 550,000-sf transaction at 55 Water St.

Earlier in 2004, Paramount Group signed two other large leases, approximately 70,000 sf each with insurance brokerage firm Frank Crystal & Co. and the US Department of Education. Paramount owns 10 million sf of class A office buildings in Manhattan. In addition to Financial Square, its Manhattan portfolio includes 900 Third Ave., 1540 Broadway, 1633 Broadway, 1177 and 1325 Ave. of the Americas, 712 and 745 Fifth Avenue and 150 East 52nd St.