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285 Fulton Street

Condé Nast Subleases 48,026 SF Office Space To Kroll In Downtown Manhattan
LEASEDOffice

Condé Nast Subleases 48,026 SF Office Space To Kroll In Downtown Manhattan

285 Fulton Street

$59

$59/SF

Building Size

48,026 SF

Asset Type

Office

Closing

May 8, 2024

AI

The property at 285 Fulton Street in Downtown Manhattan is an office space leased by Condé Nast to financial advisory firm Kroll. The 10-year sublease covers 48,026 square feet on the tower's 31st floor, with an asking rent of $59 per square foot.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Landlord: Condé Nast
  • Tenant: Kroll
  • Address: 285 Fulton Street
  • Market: Downtown Manhattan
  • Asking Rent: $59/ft
  • SF: 48,026
  • Lease Term: 10-year sublease

The deal's key individuals involved in this transaction include Jessica Berkey, Joseph Messina, Matthew Rosen, and Peter Riguardi representing the landlord, Condé Nast, from JLL. On the tenant's side, Alexis Odgers, Martin Cottingham, and Michael Gottlieb from Avison Young acted as the tenant's representatives for Kroll.

Players

Martin Cottingham

Avison Young

Broker

$90.5M

vol

9 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

268864.41%

Cash-on-Cash

-76842.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93