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30 Hudson Yards

Covington & Burling Subleases 30 Hudson Yards Office For $112/ft In Midtown Manhattan
Office

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:

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

Taylor Callaghan

CBRE

Broker

4 deals

Broker

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