Macerich Leases 12,000 Square Feet Office Space From Douglas Durst At 825 3rd Avenue
825 3rd Avenue
$96
$96/SF
Building Size
12,000 SF
Asset Type
Office
Closing
Jun 18, 2025
About this deal
AI
The lease transaction involved an office asset located at 825 3rd Avenue in Manhattan, featuring a lease term of 13 years. The asking rent for the property was $96 per square foot, with a total leased area of 12,000 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $96/ft
- Lease Term: 13 years
- Landlord: Douglas Durst - The Durst Organization
- Tenant: Jackson Hsieh - Macerich
- Landlord's Representatives: Tom Bow, Bailey Caliban & Ashlea Aaron - Durst Organization
- Tenant's Representatives: Gordon Ogden & James Hart - Bradford Allen
The transaction saw Jackson Hsieh of Macerich sign a lease, relocating the company's NYC office from 500 Fifth Avenue to the new site at 825 3rd Avenue, facilitated by representatives from both the landlord and tenant sides.
On the Map
$96
$96/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
165239.58%
Cash-on-Cash
-47225.98%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93