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180 Park Ave

Carisk Partners Inc. And Insurance Company Lease Office Space At 180 Park Avenue Florham Park
LEASEDOffice

Carisk Partners Inc. And Insurance Company Lease Office Space At 180 Park Avenue Florham Park

180 Park Ave

Building Size

11,671 SF

Asset Type

Office

Closing

Jul 8, 2024

AI

The property involved in this transaction is an office space located at 180 Park Avenue in Florham Park, comprising a total of 11,671 square feet. The asset is under the management of Vision Properties and the Birch Group and features various amenities such as a cafeteria, fitness studio, and outdoor seating, appealing to potential tenants seeking a prime location.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Square Footage: 11,671
  • Address: 180 Park Avenue
  • Market: Florham Park
  • Landlord: Vision Properties & Birch Group
  • Tenant: Carisk Partners Inc. & Undisclosed Insurance Company
  • Brokers: Brian Decillis, Courtney Rosenkrantz & William O’Keefe - Cushman & Wakefield

Cushman & Wakefield facilitated two long-term leases within the building, securing 7,006 square feet for Carisk Partners Inc. and 4,665 square feet for an undisclosed insurance company. This leasing activity highlights the continued demand for office space in the Florham Park area.

Players

William 'Bill' O’Keefe

Cushman & Wakefield

Broker

5 deals

Broker

Madison Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93