Michael Chang's Verist Signs 10-Year Lease For 11,000 SF At 650 Fifth Avenue In Midtown
650 Fifth Avenue
$80
$80/SF
Building Size
11,000 SF
Asset Type
Office
Closing
Oct 14, 2025
About this deal
AI
An office asset located at 650 Fifth Avenue in Midtown Manhattan has been leased. The lease covers 11,000 square feet at an asking rent of $80 per square foot. The transaction represents a long-term commitment with a 10-year lease period in a prominent market area.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $80/ft
- Square Footage: 11,000
- Address: 650 Fifth Avenue
- Market: Midtown Manhattan
- Landlord: 650 Fifth Avenue Company
- Tenant: Michael Chang - Verist
- Landlord's Representative: Barry Zeller & Mike Tranfalia - Cushman & Wakefield
- Tenant's Representative: Kirill Azovtsev, Alex Redlus & James Wenk - Savills
- Lease Term: 10 years
Michael Chang leads Verist, a newly formed managing general underwriter, which marks this transaction as their first office lease. The representatives from Cushman & Wakefield and Savills were instrumental in facilitating the terms of the agreement.
On the Map
$80
$80/SF
Office
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Players
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
198287.50%
Cash-on-Cash
-56671.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93