Momentum Worldwide Leases 60000 SF Office Space At 300 Vesey St, New York
300 Vesey St, New York, NY, 10282
Building Size
60,000 SF
Asset Type
Office
Closing
Dec 12, 2017
AI
The property involved in the transaction is located at 300 Vesey St, New York, NY, 10282. This office asset spans a total of 60,000 square feet and is situated in the New York market. The landlord of this property is Brookfield Property Partners.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Available
- Tenant's Representative: Robert Romano(JLL), Shannon Rzeznikiewicz(JLL)
- Brokers: Shannon Rzeznikiewicz(JLL)
- Tenant: Momentum Worldwide
Momentum Worldwide, a subsidiary of Interpublic Group, is making a strategic move to Brookfield Place by relocating from Hudson Square. The company secured a lease for almost 60,000 square feet at 300 Vesey Street, signifying its growth and need for expanded space due to significant sponsorship accounts with companies like SAP, Verizon, and Chevron. This relocation marks a shift from their previous location at 250 Hudson Street under Jack Resnick & Sons.
Players
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