ESRT Signs the William Carter Company and Equativ for 49k Square Feet at 1350 Broadway
Empire State Realty Trust (ESRT) has secured two new full-floor office leases at 1350 Broadway, totaling 49,095 square feet. The William Carter Company (Carter's), a children's apparel company, leased 24,592 square feet, while ad tech company Equativ took 24,503 square feet. The building offers access to ESRT's Broadway Campus amenities, including a new tenant lounge and a future rooftop lounge. Located on the Broadway Pedestrian Plaza, 1350 Broadway provides convenient access to transportation, dining, and retail. ESRT's Executive VP of Real Estate, Thomas P. Durels, highlighted the company's strong balance sheet, prime locations, and indoor environmental quality as key factors in attracting high-quality tenants.
Empire State Realty Trust (ESRT) ha ottenuto due nuovi contratti di locazione di uffici a piano intero presso 1350 Broadway, per un totale di 49.095 piedi quadrati. La William Carter Company (Carter's), un'azienda di abbigliamento per bambini, ha affittato 24.592 piedi quadrati, mentre l'azienda tecnologica pubblicitaria Equativ ha preso 24.503 piedi quadrati. L'edificio offre accesso ai servizi del Broadway Campus di ESRT, inclusi un nuovo lounge per inquilini e un futuro lounge sul tetto. Situato nella Broadway Pedestrian Plaza, 1350 Broadway offre un facile accesso ai trasporti, ristoranti e negozi. Il VP Esecutivo di ESRT per gli Affari Immobiliari, Thomas P. Durels, ha evidenziato il forte bilancio della società, le posizioni strategiche e la qualità ambientale interna come fattori chiave per attrarre inquilini di alta qualità.
Empire State Realty Trust (ESRT) ha asegurado dos nuevos arrendamientos de oficinas de piso completo en 1350 Broadway, con un total de 49,095 pies cuadrados. La William Carter Company (Carter's), una empresa de ropa infantil, arrendó 24,592 pies cuadrados, mientras que la empresa de tecnología publicitaria Equativ tomó 24,503 pies cuadrados. El edificio ofrece acceso a las comodidades del Broadway Campus de ESRT, que incluyen un nuevo salón para inquilinos y un futuro salón en la azotea. Situado en la Plaza Peatonal de Broadway, 1350 Broadway proporciona un acceso conveniente al transporte, a la gastronomía y al comercio. Thomas P. Durels, Vicepresidente Ejecutivo de Bienes Raíces de ESRT, destacó el sólido balance de la empresa, las ubicaciones prime y la calidad ambiental interior como factores clave para atraer inquilinos de alta calidad.
엠파이어 스테이트 리얼티 트러스트(ESRT)는 1350 브로드웨이에서 총 49,095 제곱피트에 달하는 두 개의 새로운 전체 층 사무실 임대 계약을 체결했습니다. 아동 의류 회사인 윌리엄 카터 컴퍼니(Carter's)는 24,592 제곱피트를 임대했으며, 광고 기술 회사인 에쿠아티브는 24,503 제곱피트를 차지했습니다. 이 건물은 ESRT의 브로드웨이 캠퍼스 편의시설(새로운 세입자 라운지 및 향후 옥상 라운지 포함)에 접근할 수 있습니다. 브로드웨이 보행자 광장에 위치한 1350 브로드웨이는 교통, 식사 및 소매에 편리하게 접근할 수 있습니다. ESRT의 부동산 부문 전무인 토마스 P. 듀렐스는 회사를 높은 품질의 세입자로 끌어들이는 주요 요소로 강력한 재무 상태, 최적의 위치 및 실내 환경 품질을 강조했습니다.
Empire State Realty Trust (ESRT) a sécurisé deux nouveaux baux de bureaux à étage complet au 1350 Broadway, totalisant 49 095 pieds carrés. La William Carter Company (Carter's), une entreprise de vêtements pour enfants, a loué 24 592 pieds carrés, tandis que la société de technologies publicitaires Equativ a pris 24 503 pieds carrés. Le bâtiment offre un accès aux commodités du campus Broadway d'ESRT, y compris un nouveau salon pour les locataires et un futur salon sur le toit. Situé sur la place piétonne de Broadway, le 1350 Broadway permet un accès pratique aux transports, à la restauration et au commerce de détail. Thomas P. Durels, vice-président exécutif des biens immobiliers d'ESRT, a souligné que le solide bilan de l'entreprise, ses emplacements de choix et la qualité environnementale intérieure sont des facteurs clés pour attirer des locataires de haute qualité.
Empire State Realty Trust (ESRT) hat zwei neue Vollgeschoss-Büromietverträge im 1350 Broadway mit insgesamt 49.095 Quadratfuß gesichert. Die William Carter Company (Carter's), ein Unternehmen für Kinderbekleidung, mietete 24.592 Quadratfuß, während das Ad-Tech-Unternehmen Equativ 24.503 Quadratfuß übernahm. Das Gebäude bietet Zugang zu den Annehmlichkeiten des Broadway Campus von ESRT, darunter eine neue Mieterlounge und eine zukünftige Dachlounge. Das 1350 Broadway, das sich an der Broadway-Pedestrian-Plaza befindet, bietet einen bequemen Zugang zu Verkehrsanbindungen, Gastronomie und Einzelhandel. Thomas P. Durels, der Executive VP von ESRT für Immobilien, hob die starke Bilanz des Unternehmens, die erstklassigen Standorte und die Innenraumumweltqualität als Schlüsselfaktoren zur Gewinnung hochwertiger Mieter hervor.
- ESRT secured two new full-floor office leases totaling 49,095 square feet at 1350 Broadway
- The leases demonstrate ESRT's ability to attract high-quality tenants in the competitive New York City market
- The building's location and access to amenities were cited as key factors in tenant decisions
- None.
Insights
The leasing of 49,095 square feet at 1350 Broadway by Empire State Realty Trust (ESRT) to the William Carter Company and Equativ is a positive development for the company's office portfolio. This transaction demonstrates ESRT's ability to attract diverse tenants in the competitive New York City real estate market.
Key points to consider:
- Full-floor leases: Both Carter's and Equativ have taken entire floors, which is generally preferable for landlords as it simplifies management and reduces common area expenses.
- Tenant mix: The addition of a children's apparel company (Carter's) and an ad tech firm (Equativ) contributes to a diverse tenant base, potentially reducing sector-specific risks.
- Broadway Campus amenities: ESRT's investment in shared amenities like tenant lounges and rooftop spaces adds value to their properties, potentially justifying higher rents and improving tenant retention.
- Location advantage: The property's proximity to major transportation and its position in the tech-centric area of NYC could be a long-term asset for ESRT.
While this news is positive, investors should note that the financial terms of the leases were not disclosed, making it difficult to assess the direct impact on ESRT's revenue. Additionally, the office real estate market in NYC remains challenging, with high vacancy rates and shifting work patterns post-pandemic. ESRT's success in leasing this space should be viewed in the context of broader market trends and the company's overall occupancy rates across its portfolio.
The announcement of two new full-floor leases at 1350 Broadway is a positive indicator for Empire State Realty Trust (ESRT), but its financial impact needs careful consideration. Here's what investors should focus on:
- Occupancy rates: These leases will improve ESRT's occupancy metrics, which is important in the current office real estate market. However, we need to consider this in the context of ESRT's overall portfolio performance.
- Rental income: Without disclosed financial terms, it's challenging to quantify the revenue impact. Investors should look for updates in upcoming earnings reports to gauge the effect on the company's top line.
- Capital expenditures: The mention of new amenities suggests ongoing investment in property improvements. While this can attract tenants, it also impacts cash flow and should be monitored in financial statements.
- Tenant quality: Carter's, a well-established brand and Equativ, a growing tech company, appear to be stable tenants. This could potentially reduce credit risk in ESRT's tenant portfolio.
From a financial perspective, while this news is encouraging, it's not a game-changer for ESRT. The company's overall financial health, debt levels and ability to navigate the changing office landscape remain key factors to watch. Investors should pay close attention to ESRT's next earnings report for a comprehensive view of how these leases fit into the bigger financial picture.
This leasing announcement from Empire State Realty Trust (ESRT) offers interesting insights into current market trends:
- Return to office: The commitment of Carter's and Equativ to full-floor spaces suggests some companies are still valuing physical office presence, countering the narrative of widespread remote work adoption.
- Tech sector resilience: Equativ's lease, as an ad tech company, indicates ongoing demand from tech firms for prime NYC locations, despite recent tech industry layoffs and cost-cutting measures.
- Amenity-driven leasing: The emphasis on ESRT's Broadway Campus amenities highlights the growing importance of shared spaces and experiences in attracting tenants. This trend may require landlords to invest more in property upgrades to remain competitive.
- Location preferences: The appeal of 1350 Broadway's central location and access to transportation underscores the continued importance of connectivity in office space decisions, even as work patterns evolve.
While these leases are positive for ESRT, they don't necessarily signal a broader office market recovery. The New York City office market still faces challenges, including high vacancy rates and the ongoing impact of hybrid work models. Investors should monitor whether this deal represents a localized success or part of a larger trend towards office space reoccupation. The ability of REITs like ESRT to adapt to changing tenant preferences and work patterns will be important for their long-term success in the evolving commercial real estate landscape.
ESRT Signs the William Carter Company and Equativ for 49k Square Feet at 1350 Broadway (Photo: Business Wire)
Carter’s – a children’s apparel company – signed a new lease for a 24,592 square foot space across a full floor, and ad tech company Equativ signed on for a full-floor, 24,503 square foot space.
"We are pleased to announce our move to a new and enhanced location for our
"We were drawn to 1350 Broadway for its access to ESRT’s Broadway Campus’s state-of-the-art amenities and unbeatable location, right in the heart of New York City’s dynamic tech scene," said Lionel Bensoussan, EVP Americas at Equativ. "We are thrilled to join the ESRT community in which innovation and technology are prioritized."
Located along the Broadway Pedestrian Plaza, 1350 Broadway offers convenient access to major transportation, dining, and retail. Tenants of 1350 Broadway have access to ESRT’s Broadway Campus amenities which include a new 170+ person tenant lounge and all-hands space at 1400 Broadway, and a rooftop lounge with sweeping views of the
“ESRT’s great balance sheet and reputation for service combined with our prime locations, premier amenities, and unmatched indoor environmental quality measures, attract great companies,” said Thomas P. Durels, ESRT EVP, Real Estate. “We are pleased that Equativ and Carter’s will join our roster of high-quality tenants and benefit from the value of our offering.”
Jack Senske of Colliers International represented Carter’s and James Wenk of Savills represented Equativ in the lease negotiations. Shanae Ursini of ESRT and Robert Lowe, Ron LoRusso, Dan Organ, Peter Kerans, and Samantha Perlman of Cushman & Wakefield represented ESRT in both transactions.
More Information about 1350 Broadway, and current office availability, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship
Source: Empire State Realty Trust
Category: Leasing
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731887194/en/
MEDIA:
Empire State Realty Trust
Brock Talbot
(+1) 212-850-2679
btalbot@esrtreit.com
Source: Empire State Realty Trust, Inc.
FAQ
How much office space did ESRT lease at 1350 Broadway in the recent deal?
What amenities are available to tenants at ESRT's 1350 Broadway property?
Who are the new tenants that signed leases with ESRT at 1350 Broadway?
What factors did ESRT cite as reasons for attracting high-quality tenants to 1350 Broadway?
