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
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