Empire State Realty Trust Welcomes Transit Wireless to 1400 Broadway

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has signed a full-floor lease with Transit Wireless for 32,499 sq. ft. at 1400 Broadway, New York. This marks Transit Wireless' relocation from 1350 Broadway, where they occupied 24,503 sq. ft. The new office emphasizes employee safety with advanced air quality technology. ESRT achieved a GRESB 5 Star Rating and became the first U.S. real estate portfolio to receive the WELL Health-Safety Rating. 1400 Broadway is strategically located near Herald Square and features superior indoor environmental quality due to upgraded ventilation systems.

Positive

• Signed a full-floor lease with Transit Wireless for 32,499 sq. ft.
• Achieved GRESB 5 Star Rating for sustainability performance.
• First U.S. portfolio to earn WELL Health-Safety Rating.
• Building features superior indoor environmental quality with advanced air filtration.

Negative

• None.

NEW YORK, Feb. 4, 2021 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today it has signed a full-floor lease with Transit Wireless at 1400 Broadway for 32,499 square feet.

"We are pleased to accommodate the growth of Transit Wireless through a relocation from 1350 Broadway, where they occupied 24,503 sq. ft. though sublease," said Thomas P. Durels, executive vice president, real estate for ESRT. "Transit Wireless' employees will enjoy the newly built tenant lounge at 1400 Broadway with superior Indoor Environmental Quality delivered through new ventilation systems with MERV-13 filters and active bi-polar ionization that kills 99.92% of coronaviruses. We achieved a coveted 5 Star Rating from GRESB in our first year of submission for sustainability performance, were the first in the United States to achieve the WELL Health Safety Rating for our entire portfolio and were just named Fitwel champions from the rigorous third-party healthy building certification."   

1400 Broadway comprises 37 floors with 935,401 rentable square feet at a prime location just steps from Herald Square with easy access to transportation, dining, and entertainment. The building boasts new MERV-13 filters and industry-leading AtmosAir bi-polar ionization capabilities to provide superior indoor environmental quality and promote a confident return to the office.

"With this new, larger space, Transit Wireless expands its commitment to New York City's recovery," said Melinda White, chief executive officer of Transit Wireless. "Our new office puts employee safety at the forefront with industry-leading air technology, enhanced social distancing, and safe business practices, as we scale and prepare for future growth."

Tenant representation was provided by Michael Gottlieb, Susan Kahaner, Jennifer Ogden and Martin Cottingham of Avison Young. Landlord representation was provided by Keith Cody and Shanae Ursini 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." ESRT is a leader in energy efficiency in the built environment and sustainability, and is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating, an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a COVID-19 environment now and broader health and safety-related issues into the future. 

ESRT has earned the highest possible GRESB 5 Star Rating and Green Star recognition, and score of 88, in the 2020 GRESB Real Estate Assessment, an achievement that places ESRT in the top 20% of all respondents.  GRESB is recognized globally as one of the best and most rigorous measures of sustainability performance of real estate companies and funds.

The Company's office and retail portfolio covers 10.1 million rentable square feet, as of Sept. 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. 

About Transit Wireless
Transit Wireless is a leading 5G wireless infrastructure company that provides cellular and Wi-Fi connectivity to large infrastructure projects including the New York City subway system. Transit Wireless and its majority shareholder BAI Communications, finances, designs, builds, operates and maintains wireless networks to connect millions of customers each day.  The Transit Wireless subway network is an award-winning public-private partnership with the Metropolitan Transportation Authority (MTA) and provides service to all three Tier One wireless carriers. The network was honored with the Wireless Broadband Alliance (WBA) Award for "Best Wi-Fi Deployment to Connect the Unconnected in an Urban Environment" and the prestigious 2018 IDC "Smart Cities North America Award." Transit Wireless is a proud supporter of the MTA and Literacy Partners annual "Subway Reads" campaign and won a 2018 Honorable Mention in the MTA's Genius Transit Challenge. Find out more about Transit Wireless at transitwireless.com or follow us on Twitter @TransitWireless.

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 and Quarterly Report on Form 10-Q for the quarter ended September 30, 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 recent lease did Empire State Realty Trust sign?

Empire State Realty Trust signed a full-floor lease with Transit Wireless for 32,499 square feet at 1400 Broadway.

How much space did Transit Wireless occupy before moving to 1400 Broadway?

Transit Wireless previously occupied 24,503 square feet at 1350 Broadway before relocating.

What sustainability ratings has Empire State Realty Trust achieved?

Empire State Realty Trust earned a GRESB 5 Star Rating and the WELL Health-Safety Rating for its portfolio.

What is located at 1400 Broadway?

1400 Broadway is a 37-floor building with 935,401 rentable square feet, located near Herald Square.

What advanced features does 1400 Broadway offer for indoor air quality?

The building features new MERV-13 filters and AtmosAir bi-polar ionization technology for superior indoor air quality.