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277 Park Avenue

Cushman & Wakefield Arranges 50,000 SF Office Lease At 277 Park Avenue
LEASEDOffice

Cushman & Wakefield Arranges 50,000 SF Office Lease At 277 Park Avenue

277 Park Avenue

Building Size

50,000 SF

Asset Type

Office

Closing

Mar 19, 2024

AI

Located at 277 Park Avenue in Midtown Manhattan, this office space spans 50,000 square feet on the 15th floor of the building. The landlord, Maarten Heijbroek of Stahl Organization, finalized a lease with Sumitomo Corp.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Address: 277 Park Avenue
  • Market: Midtown Manhattan
  • Landlord: Maarten Heijbroek - Stahl Organization
  • Tenant: Sumitomo Corp

Cushman & Wakefield, represented by Bryan Boisi, Mark Boisi, and Stephen Bellwood, acted as the landlord's representatives in the deal. On the other side, Eva Shih and Marc Shapses from Savills served as the tenant's representatives for the lease agreement.

Players

Eva Shih

Savills

Broker

3 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93