Mulligan Security Signs 12-Year Lease For 24,788 SF Office Space At 7 Penn Plaza
7 Pennsylvania Plaza
$65
$65/SF
Building Size
24,788 SF
Asset Type
Office
Closing
Jan 16, 2024
AI
The Feil Organization, represented by Andrew Wiener, David Turino, and Henry Korzec, leased the entire second floor of 7 Penn Plaza in Midtown Manhattan to Mulligan Security. The 24,788-square-foot office space was leased for a 12-year term at an asking rent of $65 per square foot. Mulligan Security will be relocating from the 17th floor, nearly tripling its footprint in the building.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Lease
- Address: 7 Pennsylvania Plaza
- Market: Midtown Manhattan
CBRE brokers, David Hollander and David Katz, represented both parties in the lease transaction, facilitating the deal between the Feil Organization and Mulligan Security.
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
244046.15%
Cash-on-Cash
-69749.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93