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77 Water St, New York, NY, ...

Lewis Brisbois Bisgaard & Smith Leases 100952 Square Feet At 77 Water St New York
LEASEDOffice

Lewis Brisbois Bisgaard & Smith Leases 100952 Square Feet At 77 Water St New York

77 Water St, New York, NY, 10005

Building Size

100,952 SF

Asset Type

Office

Closing

Sep 29, 2017

AI

77 Water Street is located in New York, NY, within a prominent market and consists of a total square footage amounting to 100,952 square feet. The property is currently associated with Principal Real Estate Investors and houses tenants in a legal context.

Summary of transaction details:

  • Property Type: LEASE
  • Transaction Amount: Not specified
  • Address: 77 Water St, New York, NY, 10005
  • Market: New York
  • Tenant: Lewis Brisbois Bisgaard & Smith
  • Landlord: Principal Real Estate Investors
  • Tenant's Representative: Jonathan Larsen (Avison Young)
  • Square Feet: 100,952

The law firm Lewis Brisbois Bisgaard & Smith is entering a new 15-year lease, which will replace their current sublease from Goldman Sachs. The transaction involves an expansion to include the full 18th floor, shifting from their current lease that covers floors 19 through 21 with approximately 75,000 square feet. This new arrangement will take effect when Sage Realty Corporation takes control of the building in April, marking the expiration of Goldman Sachs' master lease.

Players

Jonathan Larsen

Avison Young

Broker

$13M

vol

6 deals

Broker
Principal Real Estate Investors
Principal Real Estate InvestorsLandlord

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