Merrill Lynch has been housed in Lower Manhattan since 1914. Thecompany currently leases about three million sf at the WorldFinancial Center, occupying all of Tower 4 and part of Tower 2.

Jones Lang LaSalle, which was hired to oversee the transaction,is currently looking at a variety of options for the company.President of the New York area Peter Riguardi says JLL has "put apretty wide net out to look for alternatives," and is now narrowingdown the field. He says the final choice could be a ground-updevelopment or an existing facility, adding that it would bedifficult to find the amount of space the company is seeking in analready standing building.

Riguardi says it is too early in the process to say if MerrillLynch will move out of all three million sf. "It could be all, itcould be split. It's too early to tell." Merrill Lynch's currentlease ends in 2013. Riguardi says a move will likely occur beforethat time to allow the company the ability to transfer employeesand operations without much disruption. When a decision will bemade or the move will occur, he says, is hard to comment onnow.