Clarion Capital Partners Leases 17200 Square Feet At 527 Madison Ave New York From Mitsui Fudosan America
527 Madison Ave, New York, NY, 10022
Building Size
17,200 SF
Asset Type
Office
Closing
Jan 30, 2023
AI
527 Madison Avenue is a trophy 26-story office tower located at the corner of 54th Street in New York's Plaza District. The property encompasses approximately 240,000 square feet, and recent leasing activity has brought it close to full occupancy. Currently, 17,200 square feet has been leased to Clarion Capital Partners, which occupies the 10th and 11th floors, alongside additional leases that include 6,500 square feet on the 25th floor and 4,484 square feet on the 12th floor.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not Disclosed
- Address: 527 Madison Ave, New York, NY, 10022
- Market: New York
- Landlord: Mitsui Fudosan America
- Tenant: Clarion Capital Partners
- Landlord's Representative: Bryan Boisi (Cushman & Wakefield)
- Square Feet: 17,200
Representation in this transaction included Savills vice chairman Stephen Berliner for Clarion Capital Partners, Todd Abrams of Prime Manhattan Realty for the container terminal operator, and Brad Needleman from Newmark for CAIS. The leasing activities are managed by a Cushman & Wakefield team led by executive vice chairman Mark Boisi, alongside executive directors Stephen Bellwood and Bryan Boisi, with property management provided by Hines.
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