TD Bank Expands Office Space At 125 Park Avenue With 10-Year Lease In Midtown Manhattan
125 Park Avenue
Building Size
26,255 SF
Asset Type
Office
Closing
Oct 18, 2024
AI
The property asset involved in the transaction is located at 125 Park Avenue in Midtown Manhattan, consisting of office space totaling 26,255 square feet. This lease marks a significant expansion for TD Bank within the building.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 125 Park Avenue
- Market: Midtown Manhattan
- Lease Term: 10-year lease
- Tenant: TD Bank
- Landlord: SL Green
- Landlord's Representative: Brian Waterman, Daniel Levine & Peter Shimkin - Newmark
- Tenant's Representative: Matthew Saker, Robert Alexander & Ryan Alexander - CBRE
This lease agreement brings TD Bank's total occupancy in the building to 130,057 square feet, achieving full occupancy for the property. The representatives from Newmark handled the interests of SL Green, while CBRE represented TD Bank in the transaction.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93