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111 West 33rd Street

L’Occitane Extends Lease For Office Space At 111 West 33rd Street In Midtown Manhattan
LEASEDOffice

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

Scott Klau

Newmark

Broker

21 deals

Broker
Anthony Malkin

Anthony Malkin

Empire State Realty Trust

Landlord

$431.9M

vol

8 deals

Landlord

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