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300 Vesey St, New York, NY,...

Momentum Worldwide Leases 60000 SF Office Space At 300 Vesey St, New York
LEASEDOffice

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

Robert Romano

JLL

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