{"id":1004701795,"date":"2024-02-09T03:54:20","date_gmt":"2024-02-09T11:54:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004701795"},"modified":"2024-02-09T07:20:48","modified_gmt":"2024-02-09T15:20:48","slug":"empire-state-realty-secures-nyc-lease-expansion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-secures-nyc-lease-expansion\/","title":{"rendered":"Empire State Realty Secures NYC Lease Expansion"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2105a069094&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img decoding=\"async\" data-attachment-id=\"1004701804\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-secures-nyc-lease-expansion\/1400-broadway1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1400-broadway1-e1707475069919.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1400 broadway1\" data-image-description=\"&lt;p&gt;The office building at 1400 Broadway in Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The high-rise went through a $45 million capex program. Image courtesy of Empire State Realty Trust&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1400-broadway1-e1707475069919.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/1400-broadway1.jpg\" alt=\"The office building at 1400 Broadway in Manhattan.\" class=\"wp-image-1004701804\" style=\"width:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The high-rise went through a $45 million capex program. <em>Image courtesy of Empire State Realty Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Empire State Realty Trust<\/strong> has signed a 67,865-square-foot lease expansion at 1400 Broadway, a 937,892-square-foot office tower in Manhattan.<strong> Burlington Stores Inc. <\/strong>committed to a total of 170,763 square feet across five full floors at the building for 16 years.<\/p>\n\n\n\n<p>The company has been a tenant at the Class A high-rise since 2010, when it signed a 35,182-square-foot lease agreement. That initial lease was expanded by the company three times. <\/p>\n\n\n\n<p><strong>Colliers International<\/strong> Vice Chair Alan Desino represented Burlington, while the landlord was represented by <strong>Newmark<\/strong> Managing Director Neil Rubin, Vice Chair Scott Klau and Executive Managing Director Erik Harris, along with ESRT Vice President Shanae Ursini.<\/p>\n\n\n\n<p>ESRT acquired the asset in 2014 in a portfolio transaction, when Cohen Brothers Realty sold 1400 Broadway and the 732,314-square-foot building at 111 West 33rd St. for $310 million, CommercialEdge data shows.<\/p>\n\n\n\n<p>The LEED Gold-certified building came online in 1930 and went through a complete renovation designed by architecture firm <strong>Fifield Piaker Elman<\/strong>. The $45 million capital upgrade included a newly designed lobby, new entrance doors, two concierge desks, elevators and a tenant-only lounge. Other amenities include green spaces, an outdoor rooftop and a town hall.<\/p>\n\n\n\n<p>The 37-story tower features floorplates ranging between 2,800 and 36,000 square feet and some 18,000 square feet of first-floor retail space. Other tenants include IPG, Kohl\u2019s and Flagstar Bank, which assumed Signature Bank\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/flagstar-bank-assumes-signature-banks-manhattan-office-lease\/\">313,109-square-foot lease <\/a>for 15 years.<\/p>\n\n\n\n<p>The transit-oriented property is located along the Broadway Pedestrian Plaza, less than a mile from Empire State Building and Rockefeller Center. John F. Kennedy International Airport is within 15 miles, while Two Manhattan West, a <a href=\"https:\/\/www.commercialsearch.com\/news\/brookfield-opens-two-manhattan-west\/\">recently completed office tower<\/a> is 1 mile away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-esrt-s-recent-manhattan-deals\">ESRT\u2019s recent Manhattan deals<\/h2>\n\n\n\n<p>The news comes on the heels of ESRT\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/esrt-signs-full-floor-lease-at-manhattan-high-rise-2\/\">12,622-square-foot lease agreement<\/a> at 250 W. 57th St. Commercial real estate platform Hanover Street Capital will occupy the space.<\/p>\n\n\n\n<p>Last month, the company signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/esrt-inks-full-floor-lease-at-empire-state-building\/\">52,116-square-foot lease <\/a>at Empire State Building with Greater New York Mutual Insurance Co. A few months earlier, Capco committed to<a href=\"https:\/\/www.commercialsearch.com\/news\/empire-state-building-scores-full-floor-tenant\/\"> 26,620 square feet <\/a>at the 102-story tower.<\/p>\n\n\n\n<p>According to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/navigating-office-sector-transitions-in-2024\/\">CommercialEdge office report<\/a>, Manhattan had an average listing rate of $70 per square foot, well above the $37.6 national average. The market\u2019s vacancy rate clocked in at 16.4 percent, 190 basis points lower than the county\u2019s average.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tenant will occupy five full floors at the Manhattan tower.<\/p>\n","protected":false},"author":3355,"featured_media":1004701804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[51614,32763,34345,50999],"class_list":["post-1004701795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-burlington-stores","tag-colliers-international","tag-empire-state-realty-trust","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Empire State Realty Secures NYC Lease Expansion - 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