Bill Ready Of Pinterest Leases 83,000 Square Feet At 11 Madison Avenue From Marc Holliday
11 Madison Avenue
$90
$90/SF
Building Size
83,000 SF
Asset Type
Office
Closing
Jun 29, 2025
AI
The transaction involves an office asset located at 11 Madison Avenue in the Flatiron District of Manhattan. The property encompasses 83,000 square feet with an asking rent of $90 per square foot, which contributes to an occupancy rate increase to 92%.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $90/ft
- Square Footage: 83,000
- Address: 11 Madison Avenue
- Market: Flatiron District, Manhattan
- Landlord: Marc Holliday - SL Green
- Tenant: Bill Ready - Pinterest
Bill Ready represents Pinterest in the lease agreement established with Marc Holliday, who represents SL Green. Pinterest is relocating from its previous 40,000-square-foot space at 225 Park Avenue South and has signed a lease for a significantly larger area at 11 Madison Avenue.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
176255.56%
Cash-on-Cash
-50374.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93