Garan Expands Office Space At 99 Park Avenue With JLL As Tenant's Representative
99 Park Avenue
Building Size
—
Asset Type
Office
Closing
Mar 4, 2025
AI
The property involved in this lease transaction is situated at 99 Park Avenue in the Murray Hill market. It features an office asset type and encompasses a total area of 31,663 square feet on the sixth floor, with Garan previously occupying 31,754 square feet on the seventh floor.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 99 Park Avenue
- Market: Murray Hill
- Landlord: Eyal Ofer - Global Holdings Management Group
- Tenant: Garan
- Tenant's Representative: Diana Biasotti, Harrison Potter, Kristen Morgan, & Paul Glickman - JLL
This deal underscores Garan's significant expansion in New York City, reflecting its growth strategy as a Berkshire Hathaway-owned children's apparel company. The transaction was facilitated by the tenant's representatives from JLL, providing expert guidance throughout the negotiation process.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93