Ropes & Gray Signs 15-20 Year Lease For 430000 SF Office At 1285 6th Avenue
1285 6th Avenue
Building Size
430,000 SF
Asset Type
Office
Closing
Nov 25, 2024
AI
The asset involved in the transaction is an office space located at 1285 6th Avenue in Midtown, encompassing approximately 430,000 square feet. This property is under the ownership of RXR.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord: RXR
- Tenant: Ropes & Gray
- Landlord's Representative: William Elder - RXR
- Tenant's Representatives: Mark Weiss - Cushman & Wakefield & Moshe Sukenik - Newmark
- Date: 11/25/2024
Ropes & Gray, a law firm, has entered into a lease agreement for a term of 15 to 20 years, planning to relocate from its current office, which spans 300,000 square feet in Midtown, in the next two years.
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