Grammarly Signs Lease For 23038 Square Feet With Landlord BXP At 360 Park Avenue South
360 Park Avenue South
Building Size
23,038 SF
Asset Type
Office
Closing
Sep 2, 2025
AI
The property asset involved in this transaction is an office space located at 360 Park Avenue South, situated in the Midtown South market of Manhattan. The leased area spans 23,038 square feet. The Landlord for this property is BXP, represented by Owen D. Thomas. The Tenant, Grammarly, is relocating from its current office at 29 West 30th Street.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 360 Park Avenue South
- Market: Midtown South, Manhattan
- Square Footage: 23,038
- Landlord: Owen D. Thomas - BXP
- Tenant: Shishir Mehrotra - Grammarly
- Landlord's Representative: Peter Turchin, Gregg Rothkin, Ross Zimbalist, Arkady Smolyansky, Hayden Pascal & Trevor Larkin - CBRE
- Tenant's Representative: Justin Haber & Kyle Riker - JLL
The transaction features key figures such as Shishir Mehrotra representing Grammarly and Owen D. Thomas from BXP managing the leasing aspect. The deal also includes the involvement of multiple representatives from CBRE and JLL, ensuring a comprehensive approach to the leasing process.
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