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
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