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233 Spring Street

Glossier Inc. Subleases 12,300 SF Office Space At 233 Spring Street In New York City
LEASEDOffice

Glossier Inc. Subleases 12,300 SF Office Space At 233 Spring Street In New York City

233 Spring Street

$80

$80/SF

Building Size

12,300 SF

Asset Type

Office

Closing

Mar 1, 2023

AI

Glossier Inc. has subleased a 12,300 square foot office space located at 233 Spring Street in New York City. The subtenant, Mazarine Group, will occupy the space for a lease term of 6 years. The asking rent for the sublease was $80 per square foot.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 233 Spring Street
  • Market: New York City

The subtenant's representatives in the deal were Jeff Sharon from JSRE MGMT and Michael Segerman from Current Real Estate Advisors. Glossier Inc. was represented by CBRE. It is worth noting that CBRE played a crucial role in facilitating the transaction, along with the assistance of RE Attorney Jeff Platte and Stellar Management, who obtained the landlord's consent.

Players

Michael Segerman

Current Real Estate Advisors

Broker

$8.6M

vol

27 deals

Broker

Market 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

198287.50%

Cash-on-Cash

-56671.18%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93