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450 West 33rd Street

WeWork Expands In Hudson Yards By Leasing 112265 Sq Ft From Landlord Kevin McCrain
LEASEDOffice

WeWork Expands In Hudson Yards By Leasing 112265 Sq Ft From Landlord Kevin McCrain

450 West 33rd Street

Building Size

112,265 SF

Asset Type

Office

Closing

Feb 10, 2025

AI

The property asset involved in the transaction is an office space located at 450 West 33rd Street in the Hudson Yards market, comprising a total of 112,265 square feet. This asset is important as it enhances the total space occupied by the tenant, WeWork, in the Brookfield-owned office tower.

Summary of transaction details:

This transaction was significant as Amazon subleased the office space through WeWork, which expands Amazon's total footprint in the Brookfield-owned tower to 472,000 square feet. This arrangement follows a prior WeWork deal at 330 West 34th Street, reflecting Amazon's adaptation to its evolving return-to-office strategy.

Players

Theodora Livadiotis

Cushman & Wakefield

Broker

6 deals

Broker

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