Empire State Realty Trust Signs Rizzo Group and CodeGreen Solutions to 1350 Broadway

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has secured an 11-year lease with Rizzo Group and CodeGreen Solutions for 11,835 square feet at 1350 Broadway, New York. The companies are expanding from their previous location at 1333 Broadway. Rizzo Group's CEO praised ESRT's commitment to high-performance safety and sustainability, emphasizing their collaboration on reducing energy usage. The building features advanced air filtration systems and is located in a prime area with various amenities. ESRT's portfolio includes over 10 million rentable square feet in the New York metropolitan area.

Positive

• Secured a long-term lease with Rizzo Group and CodeGreen Solutions, enhancing tenant relationships.
• Rizzo Group's CEO highlighted ESRT's commitment to sustainability and high-performance safety, potentially attracting more tenants.
• 1350 Broadway is equipped with advanced air quality systems, improving tenant appeal.

Negative

• None.

NEW YORK, July 6, 2021 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Rizzo Group, a leading building code consulting firm, and CodeGreen Solutions, Inc., a decarbonization and sustainability solutions provider have signed a new, 11-year office lease with ESRT for an 11,835 square foot space at 1350 Broadway. The companies will relocate to this larger space from their prior space at 1333 Broadway.

"We will return to the office with an expanded footprint and confidence in ESRT's high-performance safety protocols and years-long leadership in indoor environmental quality and sustainability," said Stephen Rizzo, CEO at Rizzo Group and co-founder at CodeGreen Solutions. "We found the right match for our headquarters in a building with MERV 13 filters, active bipolar ionization, and plenty of daylight, all fronting the new public open spaces on Broadway. Our workplace will lead the way in sustainability and wellness with a space that boosts opportunities for innovation. Typically, tenants use more than 50% of a building's energy, so the ability to build a decarbonized workplace can help move the needle in a big way and provide a model for landlord-tenant collaboration. Our efforts in deep carbon reduction are possible because they align with ESRT's efforts to reduce energy use and meet aggressive, but necessary, goals for net-zero emissions."

Located in the heart of the Broadway pedestrian mall and the Commuter Triangle, 1350 Broadway offers unparalleled views, prime transportation access, and plenty of dining, lodging, and retailers in the immediate area. Within its 25 stories and 372,643 rentable square feet, 1350 Broadway contains a modern lobby, office spaces, and elevators, and a new roof and façade. The building is equipped with MERV 13 filters and active bipolar ionization for premier indoor environmental quality as organizations return to the office. 

"We are pleased that Rizzo Group and CodeGreen Solutions chose to remain tenants of ESRT as they grow their space," said Thomas P. Durels, executive vice president, real estate for ESRT. "Our focus is to partner with our tenants to provide a pathway for a confident return to office, and with our industry-leading measures for indoor environmental quality, safety, and energy efficiency, tenants can bring their employees back with certainty that their health is a top priority."

Christopher Kraus and Charles Gerace of JLL represented Rizzo Group in the lease negotiations. Landlord representation was provided by Shanae Ursini and Keith Cody of ESRT.

More information about the building, as well as current availabilities, 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 March 31, 2021, 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 esrtreit.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.

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.

Source: Empire State Realty Trust, Inc.
Category: Leasing

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SOURCE Empire State Realty Trust, Inc.

FAQ

What lease did Empire State Realty Trust sign on July 6, 2021?

Empire State Realty Trust signed an 11-year lease with Rizzo Group and CodeGreen Solutions for 11,835 square feet at 1350 Broadway.

What is the significance of the 1350 Broadway location for ESRT?

1350 Broadway offers prime location benefits, advanced indoor air quality systems, and amenities, boosting its attractiveness to tenants.

How does the new lease impact ESRT's business strategy?

The new lease demonstrates ESRT's commitment to sustainability and tenant collaboration, which may enhance long-term tenant retention.

What type of companies are moving to 1350 Broadway?

Rizzo Group and CodeGreen Solutions, focusing on building code consulting and sustainability, are the new tenants.

How has ESRT positioned itself in terms of sustainability?

ESRT is recognized for its high-performance safety protocols and sustainability efforts, with a portfolio largely powered by renewable energy.