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500 Frank W Burr Boulevard

MSG Risk Management Leases Office Space At Glenpointe Centre West Teaneck
LEASEDOffice

MSG Risk Management Leases Office Space At Glenpointe Centre West Teaneck

500 Frank W Burr Boulevard

Building Size

3,429 SF

Asset Type

Office

Closing

May 1, 2024

AI

Alfred Sanzari Enterprises has leased 3,429 square feet at Glenpointe Centre West in Teaneck, NJ, to MSG Risk Management & Insurance Consulting. The office space is located at 500 Frank W Burr Boulevard within the Teaneck market. The global firm, MSG Risk Management & Insurance Consulting, will be relocating their administrative offices to floors nine and ten of the building. Notable tenants at Glenpointe Centre West include Stop & Shop and Planet Fitness.

Summary of transaction details:

The transaction at Glenpointe Centre West in Teaneck, NJ, was facilitated by two prominent brokerages. Newmark represented the landlord, Alfred Sanzari Enterprises, while Cushman & Wakefield represented the tenant, MSG Risk Management & Insurance Consulting. The Glenpointe corporate campus where the office space is located boasts amenities such as Marketplace, a fitness center, and outdoor spaces, making it an attractive location for businesses.

Players

Dan Reider

Newmark

Broker

$146.1M

vol

14 deals

Broker

Teaneck 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