Language On Leases Office Space At 550 Broad Street Newark For 5 Years With Kerri B. Levine
550 Broad Street
$26
$26/SF
Building Size
2,303 SF
Asset Type
Office
Closing
Jul 1, 2024
AI
The property involved in this transaction is an office asset located at 550 Broad Street, Newark. The asking rent for the lease is set at $26 per square foot for a total of 2,303 square feet. This lease agreement is classified as a Full Service Gross and has a term of 5 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $26/ft
- Lease Term: 5 Years
- Lease Type: Full Service Gross
- Landlord: Kerri B. Levine - Fidelco Realty Group
- Tenant: Language On
- Landlord's Representative: Jon Karnick - Assurance Realty Group
- Tenant's Representative: Alexander Vezza - Brown Harris Stevens
The deal was facilitated with the involvement of Kerri B. Levine from Fidelco Realty Group as the landlord, while Language On represented the tenant interests. The transaction also included representation from Jon Karnick of Assurance Realty Group for the landlord and Alexander Vezza from Brown Harris Stevens acting on behalf of the tenant.
Players
Newark 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
610115.38%
Cash-on-Cash
-174372.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93