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
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