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
About this deal
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.
On the Map
Office
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Players
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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