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A PECULIAR THING happened at 825 Eighth Ave. last month. Not one but two large tenants found themselves angling for big blocks of space at the oddly located tower, also known as Worldwide Plaza, which has had trouble drawing tenants since the day it opened in 1989.
In the end, it was Nomura Holding America that carried the day, signing a letter of intent to lease 800,000 square feet of space at the 44-story property, while law firm Wilmer Hale walked away empty-handed. An improving economy helped spark the contest, but much of the credit goes to the building's new owners and to their freshly slashed asking rents.
Nomura signed on at an asking rent of $60 per square foot, and got a generous buildout allowance. That contrasts starkly with the $100 per square foot that Cravath Swaine & Moore agreed to pay for its space in the tower back in 2007.
"We are willing to address the needs of our tenants," said Peter Duncan, president of George Comfort & Sons, which along with RCG Longview purchased the building in July 2009 from Deutsche Bank for $590 million - 70% less than Harry Macklowe paid for it two years earlier. Mr. Duncan said...