L’Occitane Extends Lease For Office Space At 111 West 33rd Street In Midtown Manhattan
111 West 33rd Street
$74
$74/SF
Building Size
30,486 SF
Asset Type
Office
Closing
Oct 27, 2023
AI
L’Occitane, the French beauty brand, has extended its lease for a 20,962-square-foot office space at 111 West 33rd Street in Midtown Manhattan, New York. The lease term is for another five years. The office space is located in a prime market, offering convenient access to the bustling Midtown Manhattan area.
Summary of transaction details:
- Property Type: Office
- Asking Rent: $74/ft
- Square Footage: 20,962
- Address: 111 West 33rd Street
- Market: Midtown Manhattan
The landlord of the property is Anthony E. Malkin, representing Empire State Realty Trust. L’Occitane is the tenant of the office space. Erik Harris, Neil Rubin, and Scott Klau from Newmark acted as the landlord's representatives in the deal. On the other hand, Laurence Carroll and Mark Boisi from Cushman & Wakefield served as the tenant's representatives. They facilitated the lease extension, ensuring the continuation of L’Occitane's presence in the office building.
It is worth noting that L’Occitane's decision to renew the lease highlights their satisfaction with the current office space at 111 West 33rd Street. By committing to another five years, L’Occitane is reinforcing its presence in the bustling Midtown Manhattan market, positioning itself for continued success in the area.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
214364.86%
Cash-on-Cash
-61266.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93