Updated Oct 29, 2024
Atlassian Leases 34000SF Commercial Space In New York With Tenant's Rep JLL
880 Broadway, New York, NY, 10003
Building Size
34,000 SF
Asset Type
Commercial
Closing
Jul 30, 2018
About this deal
AI
An Australian software company, Atlassian, is relocating to Normandy Real Estate Partners’ redevelopment of the ABC Carpet & Home building in New York. Atlassian signed a 10-year lease for nearly 34,000 square feet on the third floor of 880 Broadway. The market value for the starting rent exceeded $100 per square foot.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: Not disclosed
- Tenant: Atlassian
- Tenant's Rep: Steven Rotter(JLL)
- Landlord: Normandy Real Estate Partners
- Square Feet: 34000
- Address: 880 Broadway, New York, NY, 10003
- Market: New York
Compstak data reveals that Atlassian, a company with a market capitalization of around $15 billion since its 2015 IPO, will be occupying the leased space. Representatives for Atlassian were unavailable for immediate comment. Normandy Real Estate Partners, the landlord, did not respond to inquiries about the deal.
Players
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93