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399 Park Avenue

Owen D. Thomas Of BXP Leases 438000 Square Feet Office To Israel Englander Of Millennium Management
LEASEDOffice

Owen D. Thomas Of BXP Leases 438000 Square Feet Office To Israel Englander Of Millennium Management

399 Park Avenue

Building Size

438,000 SF

Asset Type

Office

Closing

Dec 1, 2025

AI

The asset involved in the transaction is an office property located at 399 Park Avenue in Manhattan. This extensive lease encompasses a total of 438,000 square feet, contributing to the overall dynamics of the Manhattan office market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 399 Park Avenue
  • Market: Manhattan
  • Landlord: Owen D. Thomas - BXP
  • Tenant: Israel Englander - Millennium Management

The deal highlights the involvement of Owen D. Thomas representing BXP and Israel Englander representing Millennium Management. Millennium Management has notably extended their lease for the property, significantly influencing the leasing activity within the borough.

Players

Owen D. Thomas

BXP

Landlord

$2B

vol

20 deals

Landlord
B
BXPLandlord

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