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.
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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
208723.68%
Cash-on-Cash
-59653.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93