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685 3rd Avenue

Gallet Dreyer & Berkey Signs 12-Year Lease For 14,000 SF Office At 685 3rd Avenue
LEASED

Gallet Dreyer & Berkey Signs 12-Year Lease For 14,000 SF Office At 685 3rd Avenue

685 3rd Avenue

Building Size

Asset Type

Closing

May 8, 2026

AI

The property asset involved is a 14,000-square-foot office space located at 685 3rd Avenue in Manhattan. The lease was signed for the 28th floor of the building.

Summary of transaction details:

The deal was facilitated by a representation team including Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli, and Brooke Dewing from CBRE for the landlord side, while Garett Varricchio, Mark Weiss, and Michael Montesi from Cushman & Wakefield represented the tenant. Gallet Dreyer & Berkey entered into a 12-year lease agreement with BGO as the landlord.

Players

Mark Weiss

Cushman & Wakefield

Broker

$264.6M

vol

16 deals

Broker
GB
Gallet Dreyer & BerkeyBuyer
B
BGOLandlord

Caledonia CRE Market Snapshot

Boundary boundary · CRE · 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