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75 Varick Street

Canvas Worldwide Leases 18,149 SF Office Space At 75 Varick Street In Lower Manhattan
LEASEDOffice

Canvas Worldwide Leases 18,149 SF Office Space At 75 Varick Street In Lower Manhattan

75 Varick Street

Building Size

18,149 SF

Asset Type

Office

Closing

Sep 27, 2023

AI

Canvas Worldwide has secured a seven-year lease for 18,149 square feet of office space at 75 Varick Street in Lower Manhattan. The office space is located in a building owned by Hudson Square Properties. This new lease agreement will serve as the headquarters for Canvas Worldwide.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 75 Varick Street, Lower Manhattan
  • Market: Lower Manhattan
  • Square Footage: 18,149

Representing the landlord, Hudson Square Properties, is the team from Newmark, including Brittany Silver, David Falk, Jonathan Fanuzzi, Jonathan Franzel, and Peter Shimkin. Savills, on the other hand, is representing Canvas Worldwide, with Nicholas Farmakis acting as their representative. This lease agreement aligns with Canvas Worldwide's plan to establish a strong presence by establishing their headquarters in Lower Manhattan.

Players

David Falk
Verified Badge

David Falk

Newmark

Broker

61 deals

Broker

Peter Shimkin

Newmark

Broker

$10M

vol

33 deals

Broker
HP
Hudson Square PropertiesLandlord

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