Empire State Realty Trust Leases 212,154 Square Feet to Centric Brands at the Empire State Building

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has signed a direct lease with Centric Brands for 212,154 square feet at the Empire State Building. This space was previously occupied by Global Brands Group. Centric Brands' decision to commit long-term to ESB follows their reorganization efforts. The leadership expressed gratitude for the collaboration among all parties involved in the deal. ESRT continues to lead in Indoor Environmental Quality and has achieved the WELL Health-Safety Rating for its commercial portfolio, emphasizing its commitment to tenant safety and business continuity.

Positive

• Signed a direct lease with Centric Brands for 212,154 square feet, indicating strong tenant commitment.
• ESRT is a leader in Indoor Environmental Quality and the first commercial real estate portfolio to achieve the WELL Health-Safety Rating.

Negative

• None.

NEW YORK, Oct. 21, 2020 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) ("the Company") announced today that the Company signed a direct lease with Centric Brands for 212,154 square feet at the Empire State Building (ESB).  The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease.  

"As part of Centric Brands' reorganization, they considered all their options for their offices. It is gratifying that they chose to restack and make a long-term commitment to ESB.  The deal could not have happened without the tremendous cooperation of all parties, from Centric management to Global Brands Group, Alvarez & Marsal, and JLL. We look forward to our continued relationship with Centric Brands as they grow," said Anthony E. Malkin, Chairman, President & CEO of Empire State Realty Trust.

"We are pleased to sign a direct lease with Centric Brands, which reflects their commitment to maintain their workplace at the Empire State Building," said Thomas Durels, EVP, Real Estate. "As an early leader in Indoor Environmental Quality and the first owner of a commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating for Facility Operations and Management, we are open for business and pleased to see our tenants return to the office."

Peter Riguardi, Joseph Messina, and Cynthia Wasserberger from JLL represented Centric Brands in the transaction. Landlord representation was provided by Anthony E. Malkin, Ryan Kass, and Shanae Ursini from ESRT.

About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: 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 Building." Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of  June 30, 2020 consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.  Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating. 

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, 2019, 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 recent lease agreement did Empire State Realty Trust announce?

Empire State Realty Trust announced a direct lease with Centric Brands for 212,154 square feet at the Empire State Building.

When was the lease signed between ESRT and Centric Brands?

The lease was announced on October 21, 2020.

How does the new lease affect ESRT's property management strategy?

The lease reaffirms ESRT's focus on maintaining long-term relationships with tenants amid changing market conditions.

What is the significance of the WELL Health-Safety Rating for ESRT?

The WELL Health-Safety Rating highlights ESRT's commitment to Indoor Environmental Quality and tenant safety in its office and retail properties.

What was the previous occupancy status of the leased space at ESB?

The space was previously leased to Global Brands Group and subleased to Centric Brands.