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437 Madison Avenue

Santander Bank Signs Lease For 191667 Square Feet At 437 Madison Avenue New York City
Office

Santander Bank Signs Lease For 191667 Square Feet At 437 Madison Avenue New York City

437 Madison Avenue

Building Size

191,667 SF

Asset Type

Office

Closing

Mar 18, 2025

AI

The property involved in this transaction is an office asset located at 437 Madison Avenue, Manhattan. This office space encompasses a total of 191,667 square feet and is part of a robust market in which its rent is determined. The lease has been renewed by Santander Bank for a duration of seven years, with an option for extension.

Summary of transaction details:

In this transaction, the landlord was represented by Jack Brennan and Michael Lenchner from Sage Realty. On the other side, Santander Bank was represented by Ana Erickson, Arthur Mirante, and Mitti Liebersohn from Savills, facilitating the lease renewal for the bank's U.S. headquarters.

Players

Michael Lenchner

Broker

6 deals

Broker
Jonathan Iger

Jonathan Iger

Landlord

$747.5M

vol

7 deals

Landlord
Santander Bank
Santander BankTenant

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