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
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