Kensington Vanguard National Land Services Leases 13,394 SF Office Space At 41 Madison Avenue
Building Size
13,394 SF
Asset Type
Office
Closing
Nov 2, 2023
AI
Robert Steinman of Rudin has secured a 10-year lease with Kensington Vanguard National Land Services for the entire 21st floor of 41 Madison Avenue, a Class A office tower located in Manhattan's Gramercy Park submarket. The lease encompasses 13,394 square feet of space.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: Not applicable
- Address: 41 Madison Avenue
- Market: Gramercy Park, Manhattan
- Landlord: Robert Steinman - Rudin
- Tenant: Kensington Vanguard National Land Services
- Brokers: Brett Harvey & Howard Hersch - JLL
Kensington Vanguard National Land Services, a subsidiary of Truist Bank, will occupy the 13,394-square-foot space on the 21st floor of 41 Madison Avenue. The lease agreement was facilitated by brokers Brett Harvey and Howard Hersch from JLL.
Players
Market 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