Single-Tenant Office
SSA 15-Yr (13-Yr Firm) Lease | $534k TI Commitment | Over 35-Yr Historical Occupancy | Build-to-Suit
200 Nasser Civic Center Plaza, Corning, NY 14830
Listing Price: $1,036,624
Cap Rate
7.00%
Tenant Name
Social Security Administration
Years Remaining On Lease
15.3
Guarantor
United States Government
Rentable SF
7,542
Lease Type
Full Service Gross with Expense Stops
Rent Per Square Feet
$12.33
Investment Overview
Marcus & Millichap is pleased to bring to market the Social Security Administration Office located in Corning, New York.
SSA 15-Yr (13-Yr Firm) Lease | $534k TI Commitment | Over 35-Yr Historical Occupancy | Build-to-Suit
Investment Highlights
- GSA Recently Renewed for 15 Years Including 13 Firm, Set to Commence in 2023 | 16.67 Percent Shell Rent Bump Coming in Year Nine | Lease is Guaranteed by GSA, an S&P AA+ Credit Rated Tenant
- Complete Interior Renovation Set to Commence Construction in Q2 of 2023 at a Total Investment of $534,000 in Tenant Investments and BSAC
- Long-Term Operating History: SSA has Occupied this Space Since 1977 (Built-to-Suit SSA)
- Situated in an Office Corridor Near the City of Corning Municipal Offices and City Hall
- Corning is Four Hours From Both New York City and Toronto
- Strong Demographics: Over 25,800 Residents Within Five-Miles and Projected to Increase by 2027
Single-Tenant Office
SSA 15-Yr (13-Yr Firm) Lease | $534k TI Commitment | Over 35-Yr Historical Occupancy | Build-to-Suit
Listing Price: $1,036,624
Cap Rate
7.00%
Tenant Name
Social Security Administration
Years Remaining On Lease
15.3
Guarantor
United States Government
Rentable SF
7,542
Lease Type
Full Service Gross with Expense Stops
Rent Per Square Feet
$12.33
Investment Highlights
- GSA Recently Renewed for 15 Years Including 13 Firm, Set to Commence in 2023 | 16.67 Percent Shell Rent Bump Coming in Year Nine | Lease is Guaranteed by GSA, an S&P AA+ Credit Rated Tenant
- Complete Interior Renovation Set to Commence Construction in Q2 of 2023 at a Total Investment of $534,000 in Tenant Investments and BSAC
- Long-Term Operating History: SSA has Occupied this Space Since 1977 (Built-to-Suit SSA)
- Situated in an Office Corridor Near the City of Corning Municipal Offices and City Hall
- Corning is Four Hours From Both New York City and Toronto
- Strong Demographics: Over 25,800 Residents Within Five-Miles and Projected to Increase by 2027
Investment Overview
Marcus & Millichap is pleased to bring to market the Social Security Administration Office located in Corning, New York.
