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:
- Property Type: Office
- Transaction Amount: Not Applicable
- Address: 132 W 31st St, New York, NY, 10001
- Market: New York
- Tenant's Rep: Michael Monahan(CBRE), William (Bill) Iacovelli(CBRE)
- Landlord's Rep: Kyle Young(JLL), Matthew Astrachan(JLL)
- Brokers: Mark Ravesloot(CBRE), Mitchell Konsker(JLL)
- Tenant: TPG Architecture
- Landlord: Vanbarton Group
- Square Feet: 40431
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
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