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:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 437 Madison Avenue
- Market: Manhattan
- Square Footage: 191,667
- Landlord: Jonathan Iger - Sage
- Tenant: Santander Bank
- Landlord's Representative: Jack Brennan & Michael Lenchner - Sage Realty
- Tenant's Representative: Ana Erickson, Arthur Mirante & Mitti Liebersohn - Savills
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
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