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535 Madison Avenue

China Merchants Bank Extends Lease At 535 Madison Avenue In Midtown
LEASEDOffice

China Merchants Bank Extends Lease At 535 Madison Avenue In Midtown

535 Madison Avenue

Building Size

43,060 SF

Asset Type

Office

Closing

Feb 12, 2024

AI

The office property located at 535 Madison Avenue in Midtown Manhattan spans 43,060 square feet across three floors. The landlord, Marian Klein of Park Tower Group, secured a 15-year lease extension with the tenant, China Merchants Bank.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Address: 535 Madison Avenue
  • Market: Midtown Manhattan
  • Landlord: Marian Klein - Park Tower Group
  • Tenant: China Merchants Bank
  • Landlord's Rep: Laurence Briody, Jr. & Brian Gell - CBRE
  • Tenant's Rep: Barry Spagna, Erik Sznip & Michael Goldman - Cresa
  • Lease Term: 15-year lease extension

China Merchants Bank's lease extension at 535 Madison Avenue solidifies its presence in Midtown Manhattan. The tenant's representatives, Barry Spagna, Erik Sznip, and Michael Goldman of Cresa, facilitated the extension deal, bringing continuity to China Merchants Bank's operations at the property since 2008.

Players

Brian Gell

CBRE

Broker

$30.6M

vol

5 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93