Worldwide Plaza/825 Eighth Avenue
Property Sq Ft: 1,820,000
Purchase Date: 1988
Purchase Price: Confidential
Year Built: 1988
Client: NW Ayer
In 1988, MMMermel, while employed at Wm. A White/Tishman East, advised N.W. Ayer, at that time the nation’s oldest advertising agency, in its equity purchase and acquisition of a one-third interest of the commercial tower at 825 Eighth Avenue, Worldwide Plaza. MMMermel negotiated and structured the equity investment with neighboring owner occupiers, Ogilvy & Mather; Cravath, Swaine & Moore, and with the developer William Zeckendorf, Jr. N.W. Ayer’s ability to move to Worldwide Plaza was accomplished by the simultaneous execution of sixteen subleases within 1345 Avenue of the Americas, N.W. Ayer’s existing location, which allowed for an early relocation by the company to Worldwide Plaza. MMMermel arranged twelve of the sixteen subleases in cooperation with the building’s owner, M. Anthony Fisher.