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1 Jericho Plaza, Jericho, N...

The Birch Group Acquires Office Property In Jericho For $212M
SOLDOffice

The Birch Group Acquires Office Property In Jericho For $212M

1 Jericho Plaza, Jericho, New York 11753, United States

$212,000,000

$318/SF

Building Size

665,592 SF

Asset Type

Office

Closing

Dec 31, 2021

AI

Located in Jericho, the office property at 1 & 2 Jericho Plaza has been sold in a recent transaction. The sale, which took place on December 31, 2021, involved The Birch Group, represented by Mark Meisner, as the buyer, and DRA Advisors and Onyx Equities as the seller. The property was marketed by brokers David Bernhaut, Adam Spies, Adam G. Doneger, Andy Merin, and Gary Gabriel from CushWake. With a sale price of $212,000,000 and a total square footage of 665,592, the property showcases an impressive price per square foot of $318.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $212,000,000
  • Address: 1 & 2 Jericho Plaza
  • Market: Jericho

Mark Meisner, representing The Birch Group, acted as the buyer in this transaction, while DRA Advisors and Onyx Equities served as the sellers. The deal was facilitated by brokers David Bernhaut, Adam Spies, Adam G. Doneger, Andy Merin, and Gary Gabriel from CushWake. The property's noteworthy characteristics include its prime location in Jericho, a substantial total square footage of 665,592, and a remarkable price per square foot of $318.

Players

Adam Doneger

Newmark

Broker

$50.1B

vol

190 deals

Broker
Adam Spies
Verified Badge

Adam Spies

Newmark

Broker

$71.7B

vol

263 deals

Broker
Mark Meisner

Mark Meisner

The Birch Group

Buyer

$1.1B

vol

11 deals

Buyer
DRA Advisors
DRA AdvisorsSeller
DRA Advisors
DRA AdvisorsLender

Jericho Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.07%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93