Boston Properties Acquires 389,075 SF Office At 360 Park Avenue South For $300M
SOLD
$300,000,000
New York
See Similar DealsOffice389,075 SF
Sold 05/25/2020
SOLD
Boston Properties Acquires 389,075 SF Office At 360 Park Avenue South For $300M
360 Park Avenue South, New York, NY 10010
See Similar DealsOffice389,075 SF
Sold 05/25/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$771
Total Square Footage:389,075 SF
Transaction Type:Sale
The sale of the leasehold property at 360 Park Avenue South in Midtown South has been completed. The office asset spans an area of 389,075 square feet.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $300,000,000
- Date: 05/25/2021
- Buyer: Boston Properties
- Seller: Enterprise Asset Management
- Brokers: Darcy Stacom, Bill Shanahan, and Doug Middleton BRE
Darcy Stacom, Bill Shanahan, and Doug Middleton BRE represented the parties involved in this transaction. The buyer, Boston Properties, acquired the property from Enterprise Asset Management for the price of $300,000,000.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,000,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,065,836.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,422,153.05
Annual Debt Service$17,065,836.63
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