Sources say bidding on 685 Third Avenue, a 635,000 square foot office tower being sold by the pharmaceutical giant Pfizer, has narrowed to just a few possible buyers.
While rumors tend to abound as acquisition deals draw near, a number of real estate sources say that SL Green and L&L Holding Company are among the finalists. Another source said that the insurance and pension fund company TIAA CREF was also among the remaining few potential buyers.
A number of sources have pegged the purchase price for the skyscraper in the mid $200s per square foot, far lower than what other commercial office buildings have traded for this year and in part because the tower will be fully vacated by Pfizer. Amid the current leasing market, large blocks of vacancy have appeared as a liability to landlords because of the difficulty and expense of finding big tenants to fill them.
A brokerage team from the firm CB Richard Ellis led by company executives Darcy Stacom and William Shanahan is handling the sale. Stacom did not return a request for comment by press time.