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535 545 5th Avenue

Gardiner & Theobald Renews 27,500 Square Foot Lease At 535-545 Fifth Avenue In Midtown Manhattan
LEASEDOffice

Gardiner & Theobald Renews 27,500 Square Foot Lease At 535-545 Fifth Avenue In Midtown Manhattan

535 545 5th Avenue

Building Size

27,500 SF

Asset Type

Office

Closing

Jan 27, 2025

AI

The asset involved in this transaction is an office space located at 535-545 5th Avenue in Midtown Manhattan, encompassing a total area of 27,500 square feet. The property is under the management of the Moinian Group.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 535-545 5th Avenue
  • Market: Midtown Manhattan
  • Landlord: Joseph Moinian - Moinian Group
  • Tenant: Gardiner & Theobald
  • Landlord's Representative: Omar Sozkesen - Moinian Group
  • Tenant's Representative: Evan Fiddle - CBRE
  • Lease Term: Five years
  • Lease Renewal Year: 2025
  • Original Tenant Since: 2014

The deal features key individuals including Joseph Moinian representing the Moinian Group as the landlord, and Gardiner & Theobald as the renewing tenant, represented by Evan Fiddle from CBRE. Omar Sozkesen also plays a role as the landlord's representative, facilitating the lease renewal process.

Players

Evan Fiddle

CBRE

Broker

13 deals

Broker
Cushman & Wakefield
Cushman & WakefieldBrokerage

Brooklyn 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