Council Advisors Signs 10-Year Lease Extension At 685 3rd Avenue In Midtown Manhattan
685 3rd Avenue
Building Size
17,685 SF
Asset Type
Office
Closing
Jul 27, 2026
AI
The property involved in this transaction is an office asset located at 685 3rd Avenue in Midtown Manhattan, encompassing a total space of 17,685 square feet. It is situated within a 651,000-square-foot office tower owned by BGO.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 685 3rd Avenue
- Market: Midtown Manhattan
- Lease Terms: 10-year extension
- Landlord: John Carrafiell - BGO
- Tenant: Council Advisors
- Landlord's Representative: Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli & Brooke Dewing - CBRE
- Tenant's Representative: Daniel Horowitz, Jeffrey Peck, Roi Shleifer, Jacob Stern & Max Mond - Savills
This lease renewal involved Council Advisors extending its headquarters lease, with Savills representing the tenant and CBRE advising BGO in the lease negotiations.
Players
Owenton 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