{"id":1004519938,"date":"2021-04-02T02:12:20","date_gmt":"2021-04-02T10:12:20","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004519938"},"modified":"2021-05-15T10:21:46","modified_gmt":"2021-05-15T18:21:46","slug":"empire-state-realty-trust-gets-850m-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/","title":{"rendered":"Empire State Realty Trust Gets $850M Credit Facility"},"content":{"rendered":"
\"Empire<\/a>

Empire State Building. Image by Roberto Vivancos via Pexels.com<\/i><\/p><\/div>\n

Empire State Realty Trust closed on an $850 million, four-year unsecured revolving credit agreement to replace the company\u2019s existing undrawn revolving credit facility that was due to expire in late August. The new credit facility has an initial maturity of March 31, 2025, with two six-month extensions at the company\u2019s option.<\/p>\n

The credit agreement with a group of financial institutions also has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.<\/p>\n

\n

READ ALSO:<\/strong> Anthony Malkin on the Pandemic\u2019s Impact<\/a><\/p>\n

\n

Christina Chiu, ESRT\u2019s executive vice president & chief financial officer, said in a prepared statement the new four-year facility maintains the REIT\u2019s \u201crobust liquidity position\u201d and extends its balance sheet flexibility. She said the transaction reinforces lenders\u2019 views of ESRT \u201cas an experienced, well-capitalized owner and operator of quality assets and ESRT\u2019s ability to access the capital markets.\u201d<\/p>\n

The credit facility was arranged by BofA Securities, Wells Fargo Securities, Capital One National Association, JPMorgan Chase Bank and U.S. Bank National Association as joint lead arrangers. Bank of America is the administrative agent, while U.S. Bank National Association is the documentation agent and Bank of Montreal and Goldman Sachs Bank USA are senior managing agents. Other lenders include KeyBank National Association and Morgan Stanley Senior Funding.<\/p>\n

Leasing deals<\/h2>\n

ESRT is the owner and operator of about 10.1 million square feet of office and retail assets in the New York metro region, including the iconic Empire State Building in Manhattan.<\/p>\n

In January, ESRT signed two leases<\/a> totaling about 50,000 square feet of space at One Grand Central Place, 60 E. 42nd St., across the street from Grand Central Terminal. The latest additions to the Midtown Manhattan skyscraper were law firm Belkin Burden Goldman LLP and Dime Community Bank. The REIT signed a new 11-year lease for 39,100 square feet in December at 111 West 33rd St. with ClearView Healthcare Partners, which also had 10,539 square feet at the property.<\/p>\n

In November, Swedbank, a Stockholm-based banking group, signed a 7,905-square-foot lease at the Empire State Building. A month earlier, ESRT leased 212,200 square feet of space at the Empire State Building<\/a> in October to Centric Bands, which had occupied the space on a sublease from Global Brand Group.<\/p>\n","protected":false},"excerpt":{"rendered":"

The new four-year credit agreement, which replaces a facility set to expire this summer, has options for two six-month extensions.<\/p>\n","protected":false},"author":1068,"featured_media":1004528611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[47879,33139,34345,33435,35274,42824,38344],"class_list":["post-1004519938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bank-of-montreal","tag-capital-one","tag-empire-state-realty-trust","tag-goldman-sachs","tag-jpmorgan-chase","tag-u-s-bank-national-association","tag-wells-fargo-securities"],"acf":[],"yoast_head":"\nEmpire State Realty Trust Gets $850M Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empire State Realty Trust Gets $850M Credit Facility\" \/>\n<meta property=\"og:description\" content=\"The new four-year credit agreement, which replaces a facility set to expire this summer, has options for two six-month extensions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-02T10:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:21:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/\",\"name\":\"Empire State Realty Trust Gets $850M Credit Facility - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg\",\"datePublished\":\"2021-04-02T10:12:20+00:00\",\"dateModified\":\"2021-05-15T18:21:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Empire State Realty Trust Gets $850M Credit Facility\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Empire State Realty Trust Gets $850M Credit Facility - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/","og_locale":"en_US","og_type":"article","og_title":"Empire State Realty Trust Gets $850M Credit Facility","og_description":"The new four-year credit agreement, which replaces a facility set to expire this summer, has options for two six-month extensions.","og_url":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-04-02T10:12:20+00:00","article_modified_time":"2021-05-15T18:21:46+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/","url":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/","name":"Empire State Realty Trust Gets $850M Credit Facility - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg","datePublished":"2021-04-02T10:12:20+00:00","dateModified":"2021-05-15T18:21:46+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-trust-gets-850m-credit-facility\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Empire State Realty Trust Gets $850M Credit Facility"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Empire-State-Building.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004519938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004519938"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004519938\/revisions"}],"predecessor-version":[{"id":1004534447,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004519938\/revisions\/1004534447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004528611"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004519938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004519938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004519938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}