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85 10th Avenue

Google Renews Lease For 300000 Square Feet At 85 Tenth Avenue With Landlords Vornado And Related
LEASEDOffice

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:

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

David Hollander

CBRE

Broker

12 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

158630.00%

Cash-on-Cash

-45336.94%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93