Updated Jan 28, 2025
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
About this deal
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.
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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