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825 3rd Avenue

Colin Hunt Leases 11,054 SF Office At Durst Organization's 825 3rd Avenue
LEASEDOffice

Colin Hunt Leases 11,054 SF Office At Durst Organization's 825 3rd Avenue

825 3rd Avenue

Building Size

11,054 SF

Asset Type

Office

Closing

Jun 11, 2024

AI

The property at 825 3rd Avenue in Midtown East, comprising an office space of 11,054 square feet, was part of a lease transaction. The space was leased by Allied Irish Banks (AIB) from the Durst Organization, with an asking rent ranging between $86 and $98 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 825 3rd Avenue
  • Market: Midtown East
  • Landlord: Tom Bow, Ashlea Aaron, Sayo Kamara & Bailey Caliban - Durst Organization
  • Tenant: Colin Hunt - Allied Irish Banks
  • Broker: Matthew McBride - CBRE

Allied Irish Banks (AIB), represented by Colin Hunt, chose to relocate its New York City headquarters to 825 Third Avenue, facilitated by the broker Matthew McBride from CBRE, in a 10-year lease deal. The move signifies a strategic decision by AIB to transition its operations to a new location within the bustling Midtown East market.

Players

Matthew McBride

CBRE

Broker

2 deals

Broker

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