Kearney Leases Office Space At Empire State Building For 11-Year Term
20 West 34th Street
$88
$88/SF
Building Size
27,866 SF
Asset Type
Office
Closing
Jul 1, 2024
AI
The office property located at 20 West 34th Street in Manhattan has been leased for an 11-year term to Kearney, a management consulting firm. The space leased spans 27,866 square feet and is situated across the 78th and 79th floors of the building. The transaction was facilitated by Empire State Realty Trust (ESRT) as the landlord and JLL as the tenant's representative.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 20 West 34th Street
- Market: Manhattan
- Landlord: Empire State Realty Trust (ESRT)
- Tenant: Candice Yee - Kearney
- Landlord's Representative: Jordan Berger - Empire State Realty Trust (ESRT)
- Tenant's Representatives: Barbara Winter, Gil Ohls & Matthew Felice - JLL
- Asking Rent: $88 per square foot
- Lease Term: 11 years
The deal at 20 West 34th Street brings together key figures from the Empire State Realty Trust, spearheaded by Jordan Berger, and the tenant's representatives from JLL, including Barbara Winter, Gil Ohls, and Matthew Felice. Kearney's move from 7 Times Square to the highest floors in the iconic Empire State Building signifies a significant relocation for the management consulting firm, with the new space offering them a central location within the vibrant city of New York.
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
180261.36%
Cash-on-Cash
-51519.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93