CBS Leases 250000 Square Feet To Wachtell Lipton Rosen & Katz At 51 W 52nd St
51 W 52nd St, New York, NY, 10019
Building Size
250,000 SF
Asset Type
Office
Closing
Jan 2, 2018
About this deal
AI
The property involved in the transaction is located at 51 W 52nd St, New York, NY, 10019, and is part of the New York market. It comprises a total of 250,000 square feet and is under the ownership of CBS. The tenant, Wachtell, Lipton, Rosen & Katz, has renewed their lease in this CBS-owned Black Rock office building ahead of the expiration of their current agreement.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Landlord: CBS
- Tenant: Wachtell, Lipton, Rosen & Katz
- Landlord's Representative: Andrew Sussman, CBRE
- Tenant's Representatives: Mitch Steir and Howard Nottingham, Savills Studley; Moshe Sukenik and Lance Korman, Newmark Knight Frank
- Square Feet: 250,000
The renewal of the lease was conducted with the representation of Andrew Sussman and Michael Laginestra from CBRE on behalf of CBS. The law firm Wachtell, Lipton, Rosen & Katz has maintained a longstanding advisory relationship with CBS Corporation. The exact length of the lease renewal remains unclear, while the representatives for Wachtell, Lipton declined to provide comments on the transaction.
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Office
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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