Broadway Office Corridor Boom for Empire State Realty Trust

Leases approximately 40,000 Square Feet at Broadway Office Corridor Properties With Six New Leases and Expansions

PR Newswire

NEW YORK, May 2, 2014 /PRNewswire/ -- Empire State Realty Trust, Inc. (ESRT) ("ESRT"), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, has leased nearly 40,000 square feet of office space in its Broadway Office Corridor properties, which stretch from 35th to 38th Streets. 

Specifically:

  • OnDeck Capital, Inc. leased an additional 15,506 square feet at 1400 Broadway.  Tenant broker:  Paul Ippolito of Newmark Grubb Knight Frank.
  • Marshall & Stevens, Inc., a financial advisory firm, leased 5,839 square feet at 1350 Broadway.  Tenant broker: Michael Hirsch of CBRE.
  • Captivate Network, known for its network of 10,000 office elevator displays, leased a 5,690-square-foot pre-built at 1350 Broadway. 
  • Gabriel Brothers, Inc., a fashion retailer, leased a 3,675-square-foot pre-built at 1350 Broadway.  Tenant broker: Wayne Siegel of Coldwell Banker Commercial Alliance.
  • BMR Energy LLC leased a 3,543-square-foot pre-built at 1359 Broadway.  Tenant broker:  Ivan Hillman of CBRE.
  • Ion Marketing leased a 4,191-square-foot pre-built at 501 Seventh Avenue.  Tenant broker: Paul Ferraro of Jones Lang LaSalle. 

"The Broadway Corridor in Times Square South has been completely transformed into a preferred location for office tenants who are drawn to the improved neighborhood for its incoming new retail and dining, central location and immediate access to mass transit," says Thomas P. Durels, the Company's Chief of Property Operations and Leasing.  Mr. Durels points out that office tenants are moving from both Midtown and Midtown South to ESRT's redeveloped properties at 1350, 1359 and 1400 Broadway and 501 Seventh Avenue, where "tenants are attracted by our completely redeveloped buildings, with all new common areas, amenities and newly built efficient office suites."

Other tenants in ESRT's properties in the area include Aetna, Interpublic Group, PVH Corp., Ipreo, VeriFone Systems, Carrier, eBay Enterprise and Hatch Mott MacDonald, to name just a few.

"With new retailers coming to the area, including Urban Outfitters' 56,000-square-foot store at 1333 Broadway, healthy food choices such as Tossed at 1400 Broadway, and other exciting dining options to follow, the neighborhood is being transformed into 24/7 environment," notes Mr. Durels.

Landlord representation for 1350 and 1359 Broadway was provided by William Cohen, Neil Rubin and Andrew Weisz of Newmark Grubb Knight Frank; 1400 Broadway by Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank; and 501 Seventh Avenue by Harry Blair, Sean Kearns and Kelli Mekles of Cushman & Wakefield.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous office building. Headquartered in New York, New York, the Company's office and retail portfolio covers 8.4 million rentable square feet, as of December 31, 2013, consisting of 7.7 million rentable square feet in 12 office properties, including seven in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 623,000 rentable square feet in the retail portfolio. The Company also owns land at the Stamford, Connecticut Transportation Center that supports the development of an approximately 380,000 rentable square foot office building and garage and has an option to acquire two additional Manhattan office properties encompassing approximately 1.5 million rentable square feet of office space and over 150,000 rentable square feet of retail space at the base of the buildings. ESRT is the asset manager, but not the owner, of 1400 Broadway. It has an option to purchase the property.

Forward-Looking Statements

This press release includes "forward looking statements". Forward-looking statements may be identified by the use of words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, including those set forth under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" and "Properties." While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements). 

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