Empire State Realty Trust Expands Burlington Stores at 1400 Broadway

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has signed a new long-term office lease with Burlington Stores, expanding its space at 1400 Broadway from 35,182 to 68,307 square feet. Burlington Stores is an established off-price retailer that has rented in the building since 2010. The building boasts modern amenities including a new tenant lounge and advanced environmental technologies. ESRT emphasizes its commitment to sustainability and health, holding several leading certifications. The expansion indicates a strengthening partnership between ESRT and Burlington as both companies pursue growth.

Positive

• Burlington Stores expands its office space at 1400 Broadway, signaling confidence in its growth.
• The lease involves an increase to 68,307 square feet, indicating strong demand for office space.
• ESRT highlights its sustainability initiatives and recent certifications, enhancing its appeal to tenants.

Negative

• None.

NEW YORK, April 19, 2021 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today it has signed a new long-term office lease with Burlington Stores that doubles the company's footprint at 1400 Broadway from 35,182 to 68,307 square feet. Burlington Stores is a nationally recognized off-price retailer with great values on a wide assortment of merchandise.

"We value our long-standing relationship with ESRT and are pleased to be able to expand our footprint with an additional floor at 1400 Broadway in New York City," stated Gayle Aertker, EVP Store Development, Burlington Stores. "As Burlington continues to grow and as we execute on our Burlington 2.0 Initiatives, we appreciate ESRT's partnership, allowing us to invest further in our Merchandising team."  

1400 Broadway comprises 37 floors and 935,401 rentable square feet at a prime location steps from Herald Square with easy access to transportation, dining, and entertainment. The building boasts a brand-new tenant lounge with the latest in IEQ technologies, new MERV-13 filters and industry-leading AtmosAir bi-polar ionization to provide superior indoor environmental quality. Burlington has been a tenant of the building since 2010. Other tenants of 1400 Broadway include Interpublic Group of Companies, Fragomen, and Signature Bank.

"We are pleased to further our relationship with Burlington Stores and help facilitate their continued growth," said Thomas P. Durels, executive vice president, real estate, for ESRT. "Tenants choose ESRT because of our leadership in healthy buildings, sustainability, and energy efficiency. With our recent WELL Health-Safety Rating, Fitwel certification, and 5 Star rating from GRESB, our tenants' employees can confidently return to the office."

Tenant representation was provided by Alan Desino of Colliers International. Landlord representation was by Keith Cody of ESRT, along with Scott J. Klau, Erik S. Harris, and Neil L. Rubin of Newmark Knight Frank. Additional information about current leasing availabilities at 1400 Broadway can be found online.

About Empire State Realty Trust 
Empire State Realty Trust, Inc. (NYSE: ESRT) 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 Building." The company's office and retail portfolio covers 10.1 million rentable square feet, as of Dec. 31, 2020, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio. 

Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit empirestaterealtytrust.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.  

About Burlington Stores
Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2020 net sales of $5.8 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol "BURL." The Company operated 761 stores as of the end of the fourth quarter of Fiscal 2020, in 45 states and Puerto Rico, principally under the name Burlington Stores. The Company's stores offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers' prices, including women's ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. For more information about the Company, visit www.burlington.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2020, under the heading "Risk Factors". Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.

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SOURCE Empire State Realty Trust, Inc.

FAQ

What is the significance of the new lease between Empire State Realty Trust and Burlington Stores?

The new lease doubles Burlington Stores' office footprint at 1400 Broadway, indicating confidence in long-term growth.

How much office space is Burlington Stores occupying at 1400 Broadway after the expansion?

Burlington Stores is expanding its office space to 68,307 square feet.

What certifications does Empire State Realty Trust hold for sustainability?

Empire State Realty Trust has received the WELL Health-Safety Rating, Fitwel certification, and GRESB 5 Star rating.

When was the new lease signed between ESRT and Burlington Stores?

The lease was signed on April 19, 2021.