Porzio, Bromberg & Newman Signs 16-Year Lease At 5 Sylvan Way With Onyx Equites
5 Sylvan Way
Building Size
43,101 SF
Asset Type
Office
Closing
Jan 17, 2025
AI
The asset involved in this lease transaction is an office space located at 5 Sylvan Way, Parsippany, with a total square footage of 43,101. It is part of Onyx Equities' The Arbors @ Parsippany campus.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Lease Term: 16 years
- Landlord: Jonathan Schultz - Onyx Equites
- Tenant: Vito Gagliardi, Jr. - Porzio, Bromberg & Newman
- Broker: Josh Cohen - Cushman & Wakefield
Porzio, Bromberg & Newman has committed to relocating its headquarters to the discussed campus. The campus has seen considerable leasing activity, having over 89,000 sq. ft. now occupied by new tenants.
Parsippany 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