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276 5th Avenue

Darrow AI Leases Office Space At 276 5th Avenue In NoMad Represented By LSL Advisors
LEASEDOffice

Darrow AI Leases Office Space At 276 5th Avenue In NoMad Represented By LSL Advisors

276 5th Avenue

$82

$82/SF

Building Size

8,168 SF

Asset Type

Office

Closing

Feb 12, 2025

AI

The property asset involved in the transaction is located at 276 5th Avenue in the NoMad market. It is classified as an office asset, with a total square footage of 8,168. The landlord, 276 Fifth LLC, has established an asking rent of $82 per square foot for the space, which operates under a modified gross lease.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: $82/ft
  • Square Footage: 8,168
  • Address: 276 5th Avenue
  • Market: NoMad
  • Landlord: 276 Fifth LLC
  • Tenant: Darrow AI
  • Landlord's Representative: Christel Engel - Colliers
  • Tenant's Representatives: Eric Siegel & Daniel Lolai - LSL Advisors
  • Lease Type: Modified Gross Lease

The deal features significant involvement from key representatives, including Christel Engel of Colliers representing the landlord, and Eric Siegel and Daniel Lolai of LSL Advisors representing the tenant, Darrow AI. The collaboration of these representatives facilitated the successful completion of the leasing transaction.

Players

Christel Engel

Colliers

Broker

5 deals

Broker

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

193451.22%

Cash-on-Cash

-55288.95%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93