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360 Madison Avenue

Convene Expands With 22,519 SF Lease At 360 Madison Avenue In Midtown
LEASEDOffice

Convene Expands With 22,519 SF Lease At 360 Madison Avenue In Midtown

360 Madison Avenue

Building Size

22,519 SF

Asset Type

Office

Closing

Apr 8, 2024

AI

360 Madison Avenue, located in Midtown, Manhattan, was the site of a recent lease transaction involving an office space spanning 22,519 square feet. The property is owned by Stawski Partners and now houses the expanded operations of Convene, led by Brian Holland.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 360 Madison Avenue
  • Market: Midtown, Manhattan
  • Square Footage: 22,519
  • Landlord: Stawski Partners
  • Tenant: Brian Holland - Convene
  • Broker: Rocco Laginestra - CBRE

Convene's additional lease of 22,519 square feet at 360 Madison Avenue marks a strategic move in expanding its total occupancy within the building to 68,000 square feet across the fourth, fifth, and sixth floors. The deal was facilitated with representation from Rocco Laginestra of CBRE.

Players

Rocco Laginestra

CBRE

Broker

2 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