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550 Broad Street

Language On Leases Office Space At 550 Broad Street Newark For 5 Years With Kerri B. Levine
LEASEDOffice

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:

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

Jon Karnick

Assurance Realty Group

Broker

2 deals

Broker

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