Samsung Signs 10-Year Lease For 36,000 SF At Vornado's Penn 1 Office Building
1 Pennsylvania PlazaNew York, NY 10119, USA
$100
$100/SF
Building Size
36,000 SF
Asset Type
Office
Closing
May 24, 2023
About this deal
AI
Samsung has signed a lease for the entire 26th floor of the Penn 1 office building at 1 Pennsylvania Plaza in New York. The lease spans 36,000 square feet and has a term of 10 years. The office building is owned by Vornado Realty Trust and is currently undergoing renovations. The asking rent for the space is $100 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1 Pennsylvania Plaza
- Market: New York
The landlord of the Penn 1 office building is Vornado, represented by Josh Glick and Jared Silverman. The tenant, Samsung, has secured the lease through the brokers Matt Astrachan and Simon Landmann of JLL. This lease agreement marks significant progress for Vornado in leasing out the renovated space of the building.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93