KnitWell Group Signs 20-Year Lease For 246,000 Square Feet At 7 Times Square
7 Times Sq
Building Size
246,000 SF
Asset Type
Retail
Closing
Jan 14, 2025
About this deal
AI
The property asset involved in this transaction is located at 7 Times Square in Midtown Manhattan. It is an office space encompassing 246,000 square feet. The lease was signed for a duration of 20 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 7 Times Sq
- Market: Midtown Manhattan
- Asset Size: 246,000 SF
- Landlord: Owen D. Thomas - Boston Properties
- Tenant: Lizanne Kindler - KnitWell Group
- Broker: Eric Deutsch & Ken Meyerson - CBRE
- Lease Term: 20-year lease
KnitWell Group, the parent company of brands like Ann Taylor and LOFT, signed the lease to expand its presence, increasing its office space by 55,000 square feet at this location.
On the Map
Retail
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Players
New York Retail Market Snapshot
Boundary boundary · Retail · Lease 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