Covington & Burling Subleases 30 Hudson Yards Office For $112/ft In Midtown Manhattan
30 Hudson Yards
Building Size
235,479 SF
Asset Type
Office
Closing
Jun 10, 2024
AI
The office property located at 30 Hudson Yards in Midtown Manhattan has been involved in a lease transaction. Covington & Burling, a law firm, has signed a 20-year sublease deal for 235,479 square feet at an asking rent of $112 per square foot. The sublease deal was facilitated at the property owned by Stephen Winter & Elliot Karp, managed by Related Companies & Allianz.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 30 Hudson Yards
- Market: Midtown Manhattan
- Landlord: Stephen Winter & Elliot Karp - Related Companies & Allianz
- Tenant: Covington & Burling
- Landlord's Rep: Anthony Manginelli, Robert Alexander, Ryan Alexander & Taylor Callaghan - CBRE
- Tenant's Rep: Jeffrey Peck, Matthew Barlow & Steve Barker - Savills
- Lease Type: Sublease
- Asking Rent: $112 per square foot
Warner Bros. Discovery is subleasing additional space at the 30 Hudson Yards office, with Covington & Burling finalizing the 20-year sublease deal. The transaction involved key individuals such as Anthony Manginelli, Robert Alexander, Ryan Alexander, Taylor Callaghan, Jeffrey Peck, Matthew Barlow, and Steve Barker who represented the landlord and tenant in the deal.
Players
New York Office Market Snapshot
Boundary boundary · Office · All transaction types 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