Castle Hook Partners Leases Office Space At 625 Madison Avenue For $375 Per SF
625 Madison Avenue
$375
$375/SF
Building Size
56,000 SF
Asset Type
Office
Closing
Oct 5, 2026
About this deal
AI
The property asset involved in the transaction is an office space located at 625 Madison Avenue in the Midtown East market. The two-story penthouse spans a total of 56,000 square feet and is leased at an asking rent of $375 per square foot, resulting in an anticipated annual rent exceeding $21 million when it is delivered in 2029.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $375/ft.
- Lease Terms: 15 years
- Landlord: Jeff T. Blau - Related Companies
- Tenant: Castle Hook Partners
The key individuals in this deal include Jeff T. Blau, who represents Related Companies as the landlord, and Castle Hook Partners as the tenant. The lease negotiations led to a record-setting rent per square foot for the space at 625 Madison Avenue.
On the Map
$375
$375/SF
Office
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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
42301.33%
Cash-on-Cash
-12089.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93