Empire State Realty Trust acquires two N.Y. leases for $734 million

New York - Empire State Realty Trust, Inc. (ESRT), a New York-based real estate investment trust, has completed the acquisition of the ground and operating leases at 112 West 34th Street and the ground lease at 1400 Broadway for a total of approximately $734 million in cash, common stock and operating partnership units. 112 West 34th Street is a 26-story, 650,769-rentable-sq.-ft.office tower, with 92,455-sq.-ft. of retail space located in the 34th Street/Penn Station submarket.

An 89,529-sq.-ft. block of retail space located directly across from Macy’s flagship location is currently being marketed for occupancy in mid-2016. The property’s office and retail space is 77.5% occupied and 83.2% leased, as of June 30, 2014.

1400 Broadway is a 37-story 880,131-rentable-sq.-ft. office tower with 19,815-sq.-ft. of retail space, located in the Times Square South submarket, and the property’s office and retail space is 92.6% occupied and 92.7% leased, as of June 30, 2014. Both properties are convenient to Penn Station, Grand Central Terminal, Port Authority Bus Terminal, PATH and 13 subway lines. In addition, both properties have recently received significant capital investment.

 

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