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1 Vanderbilt Avenue

UnitedHealthcare Leases 6000 Square Feet At One Vanderbilt In Midtown Manhattan For $265 Per Foot
LEASEDCommercial

UnitedHealthcare Leases 6000 Square Feet At One Vanderbilt In Midtown Manhattan For $265 Per Foot

1 Vanderbilt Avenue

$265

$265/SF

Building Size

6,000 SF

Asset Type

Commercial

Closing

Sep 3, 2024

AI

One Vanderbilt Avenue is a commercial property located in Midtown Manhattan. Recently, UnitedHealthcare leased 6,000 square feet at this asset for approximately $265 per square foot, completing the leasing of the tower which is now fully occupied. The building is recognized as one of New York City’s premier office buildings, with asking rents on its higher floors reaching up to $320 per square foot.

Summary of transaction details:

  • Property Type: Commercial
  • Transaction Amount: $265/ft
  • Square Footage: 6,000 SF
  • Address: 1 Vanderbilt Avenue
  • Market: Midtown Manhattan
  • Landlord: Marc Holliday - SL Green
  • Tenant: UnitedHealthcare
  • Brokers: Andrew Coe, Lisa Kiell & Margaux Kelleher - JLL

The transaction included Marc Holliday representing SL Green as the landlord while Andrew Coe, Lisa Kiell, and Margaux Kelleher from JLL represented UnitedHealthcare in the leasing deal. This agreement fills the last remaining office space in One Vanderbilt.

Players

Andrew Coe

JLL

Broker

$500M

vol

18 deals

Broker

New York Commercial Market Snapshot

Boundary boundary · Commercial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

59860.38%

Cash-on-Cash

-17108.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93