Garnett Station Partners Leases 10,392 Square Feet At 450 Park Avenue For 11.5 Years
450 Park Avenue
$140
$140/SF
Building Size
10,392 SF
Asset Type
Office
Closing
Oct 15, 2026
About this deal
AI
The property asset involved in this transaction is an office space located at 450 Park Avenue in the Manhattan market. The space encompasses 10,392 square feet and is leased at an asking rent of $140 per square foot. The lease term extends for 11.5 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $140/ft.
- Lease Term: 11.5 years
- Address: 450 Park Avenue
- Market: Manhattan
- Landlord: Marc Holliday - SL Green Realty
- Tenant: Alex Sloane - Garnett Station Partners
- Landlord's Representative: CBRE
- Tenant's Representatives: David Falk & Jason Greenstein - Newmark
- Total Square Footage: 10,392
- Total Footprint Expansion: 35,355 square feet
This deal highlights the partnership between Garnett Station Partners and SL Green Realty, with David Falk and Jason Greenstein representing the tenant. The transaction resulted in an expanded presence for Garnett Station Partners in the Manhattan office market.
On the Map
$140
$140/SF
Office
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Players
Garnett 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
113307.14%
Cash-on-Cash
-32383.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93