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99 Park Avenue

Garan Expands Office Space At 99 Park Avenue With JLL As Tenant's Representative
LEASEDOffice

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:

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

Paul Glickman

JLL

Broker

28 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