Savanna Acquires Office Building On Lexington Avenue For $180M
SOLD
$180,000,000
New York
See Similar DealsMixed-use238,294 SF
Sold
SOLD
Savanna Acquires Office Building On Lexington Avenue For $180M
360 Lexington Ave, New York, NY 10017, USA
See Similar DealsMixed-use238,294 SF
Sold
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$755
Total Square Footage:238294 SF
Transaction Type:Sale
The office property located at 360 Lexington Avenue in Midtown East has been sold for $180,000,000. The building spans across 262,605 square feet, resulting in a price per square foot of $685.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $180,000,000
- Square Footage: 262,605
- Price Per Square Foot: $685
Savanna has acquired the property from AEW Capital. @WebsterBank is the tenant occupying this office space. Notably, AEW Capital had purchased the property in 2008 for $129.5 million.
Players
SELLER
LENDER
LENDER
TENANT
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$639,501.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$853,291.83
Annual Debt Service$10,239,501.98
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