Paul, Weiss, Rifkind, Wharton & Garrison Signs Largest Office Lease In NYC At 1345 6th Avenue
1345 6th Avenue
Building Size
765,000 SF
Asset Type
Office
Closing
Dec 21, 2023
AI
Fisher Brothers has finalized a lease transaction for a 765,000 square foot office space at 1345 Avenue of the Americas in Midtown Manhattan. The lease, signed by law firm Paul, Weiss, Rifkind, Wharton & Garrison, is the largest office lease of 2023 in both New York City and the United States.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1345 Avenue of the Americas
- Market: Midtown Manhattan
- Square Footage: 765,000
Fisher Brothers, represented by Marc Packman, Clark Briffel, Charles Laginestra, and Josh Fisher, acted as the landlords in the deal. The tenant, Brad Karp of Paul, Weiss, Rifkind, Wharton & Garrison, was represented by Brian Cohen, Moshe Sukenik, and Chris Mongeluzo of Newmark. The lease term spans 20 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