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Thor Equities Leases 12,250 SF Office Space To CitizenM Hotel In Midtown Manhattan

Property Image
LEASED
$60
Thomas Capuano
Dennis Someck
Christopher (Chris) Okada
+ 2

New York

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Office12,250 SF
Leased
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Property Image
LEASED

Thor Equities Leases 12,250 SF Office Space To CitizenM Hotel In Midtown Manhattan

25 West 39th Street

See Similar Deals
Office12,250 SF
Leased
Thomas Capuano
Dennis Someck
Christopher (Chris) Okada
+ 2
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$60
Total Square Footage:12250 SF
Transaction Type:Lease

25 West 39th Street is an office property located in Midtown Manhattan with a lease type classified as a Modified Gross Lease. The total square footage of the leased space is 12,250, and the asking rent is set at $60 per square foot.

Summary of transaction details:

This transaction marks a notable achievement for the involved brokerage teams, particularly in the context of challenging market conditions. The landlord's representatives emphasized the intense effort that went into securing the lease, noting the significance of leasing space amidst perceptions of a declining office market and affirming their commitment to New York City's resilience.

Players

Christopher (Chris) Okada
Okada & Company
Christopher Okada
80 deals$352.8M volume
BROKER
Dennis Someck
Lee & Associates
Dennis Someck
26 deals(917) 653-1177
BROKER
Justin Myers
Lee & Associates
Justin Myers
22 deals(212) 776-1281
BROKER
Thomas Capuano
Okada & Company
Thomas Capuano
24 deals$2.6M volume
BROKER
Avery Reavill
Okada & Company
Avery Reavill
20 deals(860) 841-1277
BROKER

Details

LEASED
IMAGE: Thomas Capuano, Avery Reavill, Christopher Okada, Justin Myers & Dennis Someck DATE: 07/15/2024 ADDRESS: 25 West 39th Street MARKET: Midtown Manhattan ASSET TYPE: Office LANDLORD: Thor Equities (@ThorEquities) TENANT: CitizenM Hotel LANDLORD'S REP: Christopher Okada (@ChrisOkada), Avery Reavill (@Avery_Reavill) & Thomas Capuano (@Thomas_capuano) - Okada & Company (@OkadaCo) TENANT'S REP: Dennis Someck & Justin Myers - Lee & Associates (@LeeAssociatesRE) ASKING RENT: $60/ft ~ SF: 12,250 LEASE TYPE: Modified Gross Lease NOTE FROM LANDLORD'S REP: 🚨Follow @ChrisOkada🚨 In the midst of the worst office market in history, we are so happy & thrilled to celebrate the successes of leasing office space with some of the most active & celebrated professionals in the business today. This deal was very special for us and our team, as when we got hired, we came in ready to roll up our sleeves and almost immediately got started on this assignment. After dozens of offers and 6 leases sent out, we crossed the finish line and got 25 W 39th Street to 100% leased. During the pandemic, people said NYC was dead. We stayed. They said office is never coming back. We've leased more office space than before. They said everyone is leaving NYC, but our GDP has touched $2T. After the pandemic came the renaissance, and we are smack in the middle of it right now. EVERY DEAL COUNTS! ALWAYS BE CLOSING! BETTING ON NYC! GENERATIONAL OPPORTUNITIES!

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Deal Type
Effective Rent (Annual)

$842,595.13

Total Lease Value

$8,425,951.29

Net Landlord Cash Flow$842,595.13