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767 5th Avenue

Patient Square Capital Leases Office Space At 767 5th Avenue In Manhattan For $220/ft
LEASEDOffice

Patient Square Capital Leases Office Space At 767 5th Avenue In Manhattan For $220/ft

767 5th Avenue

$220

$220/SF

Building Size

21,000 SF

Asset Type

Office

Closing

Oct 15, 2024

AI

The property leased is located at 767 5th Avenue, Manhattan. It is an office asset with a total area of 21,000 square feet. The asking rent for this property was set at $220 per square foot, and the lease type is classified as Other.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $220/ft
  • Square Footage: 21,000
  • Address: 767 5th Avenue
  • Market: Manhattan
  • Landlord: Boston Properties
  • Tenant: Patient Square Capital
  • Landlord's Representative: Peter Turchin - CBRE
  • Tenant's Representatives: Brett Harvey & Steven Rotter - Newmark

This transaction involved reputable firms with Peter Turchin representing the landlord, Boston Properties, through CBRE. The tenant, Patient Square Capital, was represented by Brett Harvey and Steven Rotter from Newmark, who facilitated the lease agreement.

Players

Brett Harvey

Newmark

Broker

$270M

vol

28 deals

Broker
JLL
JLLBrokerage

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

72104.55%

Cash-on-Cash

-20607.70%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93