Office building for sale in New York 42-story, 1.7 million square foot
• the Property features 1,616,951 square feet of office space and 49,633 square feet of ground floor retail space.
• A new, 99-year ground lease allows the leasehold owner to benefit from a stable long-term lease structure with amenable future rent increases.
• Ownership has successfully executed approximately 1.4 million square feet of new leases at the Property in the past two years, despite the previous short-term ground lease which was set to expire in 2028.
• Near-term upside achieved through leasing the remainder of the vacant space (196,763 square feet) at today’s rapidly appreciating rental rates.
• With a weighted average expiration of July 2033 (19.1 years), the current tenants represent approximately $1.8 billion of contractual base rental revenue over the existing lease terms.
• Was the first, and continues to be one of the largest stainless steel-clad office buildings in the world.
• Given the short duration of the previous ground lease, which was set to expire in 2028, all recently signed leases were executed at a discount to fair market rental rates, providing future upside opportunities.
• Since this building was constructed in 1956, the Leasehold has only been available for purchase once.
• Unique mix of floorplates ranging from 100,000 square feet at the base to 25,000 square feet in the tower.
USD $ 1.9b – Buyer fees may be incurred
Property Id: 19765
Price: 1,900,000,000 USD
Property Size: 1,616,951 m2
Year Built: 1956