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51 West 52nd Street

Orrick Herrington & Sutcliffe Renews Office Lease At 51 West 52nd Street Midtown Manhattan
LEASEDOffice

Orrick Herrington & Sutcliffe Renews Office Lease At 51 West 52nd Street Midtown Manhattan

51 West 52nd Street

$115

$115/SF

Building Size

144,312 SF

Asset Type

Office

Closing

Jul 1, 2024

AI

An office asset located at 51 West 52nd Street in Midtown Manhattan was involved in a lease transaction. The property consists of a total square footage of 144,312 and is leased at an asking rent of $115 per square foot. The lease term is a renewal for 15 years.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $115/ft
  • Address: 51 West 52nd Street
  • Market: Midtown Manhattan
  • Landlord: Harbor Group International
  • Tenant: Orrick, Herrington & Sutcliffe
  • Lease Term: 15-year renewal
  • Square Footage: 144,312

The transaction involved multiple brokers from CBRE, including Andrew Sussman, Caroline Merck, Craig Reicher, Elliot Bok, Evan Fiddle, Evan Haskell, Howard Fiddle, Mary Ann Tighe, Ramneek Rikhy, and Scott Gottlieb. Note that Orrick, Herrington & Sutcliffe renewed its lease for space across six floors in the property, previously known as Black Rock and rebranded as 51W52.

Players

Caroline Merck

CBRE

Broker

$116.1M

vol

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

137939.13%

Cash-on-Cash

-39423.43%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93