Glencore Leases 60000 Square Feet At 330 Madison Ave New York With Vornado As Landlord
330 Madison Ave, New York, NY, 10017
Building Size
60,000 SF
Asset Type
Office
Closing
Apr 11, 2017
AI
The property asset in this transaction is located at 330 Madison Ave, New York, NY, 10017. It encompasses a total of 60,000 square feet. The building is a 52-year-old structure owned by Vornado, with asking rents in the low $70s per square foot.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not Disclosed
- Address: 330 Madison Ave, New York, NY, 10017
- Landlord: Vornado
- Landlord's Rep: Kevin West, Raven Property Advisors
- Broker: Andrew Ackerman, RXR Realty
- Tenant: Glencore
- Market: New York
- Square Feet: 60,000
Glencore is relocating to this address from Stamford, Conn. Kevin West and Andrew Ackerman represented Vornado in-house alongside JLL brokers Frank Doyle, Clark Finney, and David Kleiner, while Glencore was represented by Martin Horner and Reid Longley of JLL.
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