Virgo Business Centers Renews 11-Year Lease For 40,779 Square Feet At 1345 6th Avenue
1345 6th Avenue
Building Size
40,779 SF
Asset Type
Office
Closing
Sep 5, 2024
AI
The asset involved in this transaction is an office space located at 1345 6th Avenue in Midtown. The property spans a total square footage of 40,779 and is part of the Fisher Brothers portfolio.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Lease renewal
- Lease Term: 11 years
- Landlord: David Cheikin, Marc Packman, Clark Briffel & Josh Fisher - Fisher Brothers
- Tenant: Virgo Business Centers
- Brokers: Benjamin Joseph, Gregg Rothkin, Howard Fiddle, Peter Turchin & William Iacovelli - CBRE
This lease renewal deal showcases the commitment of Virgo Business Centers to remain in their current location occupied for the past term, supported by Fisher Brothers as the landlords. The brokers involved in facilitating this transaction represent a collaborative team from CBRE, ensuring both parties' interests were upheld throughout the leasing process.
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