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685 3rd Ave, New York, NY, ...

Wood Smith Henning & Berman Leases 14000 Square Feet At 685 3rd Ave New York From TIAA-CREF
LEASEDOffice

Wood Smith Henning & Berman Leases 14000 Square Feet At 685 3rd Ave New York From TIAA-CREF

685 3rd Ave, New York, NY, 10017

Building Size

14,000 SF

Asset Type

Office

Closing

Nov 17, 2015

AI

Wood Smith Henning & Berman has entered into a lease agreement for a space measuring 14,000 square feet located at 685 3rd Ave, New York, NY, 10017. The transaction takes place within the New York market.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not disclosed
  • Address: 685 3rd Ave, New York, NY, 10017
  • Square Feet: 14,000
  • Tenant: Wood Smith Henning & Berman
  • Landlord: TIAA-CREF
  • Tenant's Representatives: Kirill Azovtsev (Savills), Frank Scott (JLL)
  • Landlord's Representatives: Matt Astrachan (JLL), Clark Finney (JLL)

The tenant, Wood Smith Henning & Berman, was represented in this transaction by Kirill Azovtsev and Frank Scott from JLL, while TIAA-CREF, the landlord, was represented by Matt Astrachan and Clark Finney, also from JLL. This collaboration marks a significant transaction in the New York commercial leasing market.

Players

Kirill Azovtsev

Savills

Broker

$10.3M

vol

29 deals

Broker
TIAA
TIAALandlord

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