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450 W 33rd St, New York, NY...

Amazon Leases 360000 Square Feet At 450 W 33rd St New York Represented By JLL
LEASEDOffice

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

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

Derek Trulson

JLL

Broker

4 deals

Broker
Amazon
AmazonTenant

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