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360 Park Avenue South

Ziff Davis Leases Office Space At 360 Park Avenue South In Midtown South
LEASEDOffice

Ziff Davis Leases Office Space At 360 Park Avenue South In Midtown South

360 Park Avenue South

$110

$110/SF

Building Size

23,038 SF

Asset Type

Office

Closing

Jun 11, 2024

AI

Located at 360 Park Avenue South, the office space involved in this transaction spans 23,038 square feet in Midtown South. The leasing agreement between BXP and Ziff Davis resulted in a five-and-a-half-year lease term with an asking rent of $110 per square foot.

Summary of transaction details:

Ziff Davis, known for brands like Mashable and Lifehacker, chose to relocate its headquarters from 114 Fifth Avenue to 360 Park Avenue South, signifying a transition to a more contemporary workspace. The move was made possible by the joint representation of CBRE for both the tenant and the landlord, BXP.

Players

Gregg Rothkin

CBRE

Broker

15 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

144209.09%

Cash-on-Cash

-41215.40%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93