Google Renews Lease For 300000 Square Feet At 85 Tenth Avenue With Landlords Vornado And Related
85 10th Avenue
$100
$100/SF
Building Size
300,000 SF
Asset Type
Office
Closing
Oct 9, 2024
AI
The property involved in this transaction is an office asset located at 85 10th Avenue in Manhattan. Google has renewed its lease for 300,000 square feet, with an asking rent of $100 per foot over an eight-year term. The property is jointly owned by Vornado Realty Trust and Related Companies.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $100/ft
- Square Footage: 300,000
- Address: 85 10th Avenue
- Market: Manhattan
- Landlord: Steven Roth - Vornado Realty Trust & Jeff Blau - Related Companies
- Tenant: Sundar Pichai - Google
- Landlord's Rep: Glen Weiss - Vornado Realty Trust & Stephen Winter - Related Companies
- Tenant's Rep: David Hollander & Ken Rapp - CBRE
This lease renewal is part of Google's significant real estate footprint in the area, which includes additional properties and its headquarters at 550 Washington Street. The representatives involved in the transaction include Glen Weiss and Stephen Winter, representing the landlords, alongside David Hollander and Ken Rapp representing Google in the deal.
Players
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
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93