Harvey Leases 17,050 Square Feet At 315 Park Avenue South Manhattan From Columbia Property Trust
315 Park Avenue South
$90
$90/SF
Building Size
17,050 SF
Asset Type
Office
Closing
Jun 25, 2024
AI
The asset is an office space located at 315 Park Avenue South in Manhattan. The property features a lease secured by Harvey, an AI-powered professional services firm, for a total of 17,050 square feet on the entire fifth floor. The asking rent for this property was set at $90 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $90/ft
- Square Footage: 17,050
- Address: 315 Park Avenue South
- Market: Manhattan
- Landlord: Maria Blake & Ted Koltis - Columbia Property Trust
- Tenant: Harvey
- Landlord's Representative: David Falk, Jonathan Fanuzzi & Peter Shimkin - Newmark
- Tenant's Representative: Todd Stracci & Hugh Scott - JLL
The lease was finalized in May, marking the relocation of Harvey's headquarters from an undisclosed location in San Francisco to its new permanent outpost in New York City. The leasing transaction involved negotiating on behalf of both the landlord and tenant by their respective representatives.
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
176255.56%
Cash-on-Cash
-50374.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93