Orveon Secures Six-Year Lease For Office Space At 579 Fifth Avenue In Midtown Manhattan
579 5th Avenue
$65
$65/SF
Building Size
22,763 SF
Asset Type
Office
Closing
Nov 21, 2023
About this deal
AI
Axel Stawski's Stawski Partners has entered into a lease agreement with Pascal Houdayer's Orveon for a six-year term at 579 Fifth Avenue in Midtown Manhattan. The office space, spanning 22,763 square feet, comes at an asking rent of $65 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 579 5th Avenue, Midtown Manhattan
- Market: Midtown Manhattan
- Landlord: Axel Stawski - Stawski Partners
- Tenant: Pascal Houdayer - Orveon
- Landlord's Rep: Diana Biasotti, Greg Wang, Harrison Potter & Paul Glickman - JLL
- Tenant's Rep: Alex Redlus, James Wenk, Kirill Azovtsev & Shay Bolton - Savills
- Asking Rent: $65 per square foot
- Lease Term: Six years
Orveon, backed by private equity firm Advent International, has chosen to relocate from its current WeWork space at 500 Fifth Avenue to secure the 22,763 square feet lease at 579 Fifth Avenue.
On the Map
$65
$65/SF
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
244046.15%
Cash-on-Cash
-69749.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93