facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Office

/

Lease

/

3 Times Square New York, Ne...

West Publishing Extends Lease At 3 Times Square In Midtown Manhattan
LEASEDOffice

West Publishing Extends Lease At 3 Times Square In Midtown Manhattan

3 Times Square New York, New York 10036, USA

$76

$76/SF

Building Size

46,105 SF

Asset Type

Office

Closing

Jun 5, 2023

AI

Thomson Reuters' West Publishing has extended its lease for 46,105 square feet of office space at 3 Times Square in Midtown. The lease extension was agreed upon in a five-year deal with Rudin Management. The specific details of the lease, such as the asking rent, were not disclosed by the landlord. However, it is worth noting that the average asking rent for Midtown office space in the first quarter of 2023 was $76.95 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 3 Times Square
  • Market: Midtown
  • Tenant: West Publishing - Thomson Reuters
  • Landlord: Rudin Management - Michael Rudin & Tom Keating
  • Brokers: Mitchell Konsker, Dan Turkewitz & Christine Tong - JLL

This lease extension deal at 3 Times Square involved Thomson Reuters' West Publishing and Rudin Management. The exact terms of the lease, including the rent amount and any additional provisions, were not disclosed in the available information. However, this agreement signifies a continuation of the tenant's presence in the 46,105 square feet of office space at the Midtown location.

Players

Mitchell Konsker

JLL

Broker

$542M

vol

48 deals

Broker
Rudin Management Company
Rudin Management CompanyBrokerage
Michael Rudin

Michael Rudin

Rudin Management Company

Landlord

$2B

vol

22 deals

Landlord
Rudin Management Company
Rudin Management CompanyLandlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

208723.68%

Cash-on-Cash

-59653.87%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93