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
About this deal
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.
On the Map
Office
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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