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132 W 31st St, New York, NY...

TPG Architecture Signs Lease For Office Space At 132 W 31st St, New York
LEASEDOffice

TPG Architecture Signs Lease For Office Space At 132 W 31st St, New York

132 W 31st St, New York, NY, 10001

Building Size

40,431 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The office lease renewal at 132 West 31st Street in Midtown Manhattan’s Penn Plaza district spans 40,431 square feet. The property was originally constructed in the 1920s and has recently undergone renovations that include enhancements to the lobby, meeting rooms, elevators, and the introduction of new food and beverage offerings.

Summary of transaction details:

JLL's Mitchell Konsker, Matthew Astrachan, Kyle Young, and Thomas Swartz were the representatives for the landlord, Vanbarton Group, in the lease negotiations. On the other side, CBRE's Mark Ravesloot, Michael Monahan, and William Iacovelli acted as the representatives for the tenant, TPG Architecture.

Players

Kyle Young

JLL

Broker

$38.2M

vol

16 deals

Broker
Vanbarton Group
Vanbarton GroupBrokerage
Vanbarton Group
Vanbarton GroupLandlord

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