Amazon Leases 360000 Square Feet At 450 W 33rd St New York Represented By JLL
450 W 33rd St, New York, NY, 10001
Building Size
360,000 SF
Asset Type
Office
Closing
Sep 21, 2017
About this deal
AI
The property involved in this transaction is situated at 450 W 33rd St, New York, NY, 10001, within the New York market. The leased space measures 360,000 square feet and is part of the Brookfield Property Partners’ development known as 5 Manhattan West. The building consists of 16 stories and has a total square footage of 1.8 million. Amazon plans to occupy the sixth and seventh floors, in addition to sections of the eighth and tenth floors.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 450 W 33rd St, New York, NY, 10001
- Tenant: Amazon
- Landlord: Brookfield Property Partners
- Tenant's Representative: Derek Trulson (JLL)
- Landlord's Representative: Jeremiah (Jerry) Larkin
- Square Feet: 360,000
- Occupancy Rate After Transaction: 99 percent
- Job Creation: 2,000 new jobs
- Average Annual Earnings of Jobs: $100,000
The deal involved multiple representatives, with Amazon represented by JLL's Derek Trulson, Josh Stuart, Bill Peters, and Clay Nielsen. Brookfield Property Partners was represented in-house by Jeremiah Larkin, Duncan McCuaig, and Alex Liscio, along with assistance from a Cushman & Wakefield team that included Bruce Mosler, Josh Kuriloff, Rob Lowe, Ethan Silverstein, and Matthias Li. Negotiations for the lease commenced in April.
Players
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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