ESRT Welcomes Pandora to Retail Roster at 112 W. 34th Street

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has successfully signed a lease with the national jewelry brand Pandora, ensuring that its retail property at 112 W. 34th Street remains 100% leased. The new store will replace a previous lease held by Swatch. This strategic move further positions ESRT within a high-traffic shopping area, alongside established brands like Sephora and Target. ESRT is recognized for its strong retail portfolio and commitment to sustainability, owning approximately 9.2 million rentable square feet in New York City.

Positive

• Retail property at 112 W. 34th Street is now 100% leased.
• Pandora is a strong brand, enhancing ESRT's retail portfolio.
• Location is prime, near Macy's and the Empire State Building, attracting high foot traffic.

Negative

• None.

New Transaction Keeps Midtown Retail Property at 100% Leased

NEW YORK, Nov. 10, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it welcomed national jewelry brand Pandora with a lease signed at 112 W. 34^th Street. All retail spaces at 112 W. 34^th Street are fully leased as Pandora will occupy a store previously leased to Swatch.

Located opposite Macy's and one block west of the Empire State Building, Pandora will join Sephora, Target, and Foot Locker at the nexus of  the 34^th Street shopping corridor.

"The retail brands at 112 W 34^th Street are some of our best performing stores based on store foot traffic and retail sales," said Fred C. Posniak, SVP, Leasing at Empire State Realty Trust. "We are pleased to bring another great brand to the ESRT portfolio."

Robert Gibson and David Berke of JLL represented Pandora in the lease negotiations. Fred C. Posniak of ESRT represented the property owner.

More information about 112 W. 34^th Street can be found online.

About Empire State Realty Trust  

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building, the World's Most Famous Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City.  As of September 30, 2022, ESRT's portfolio is comprised of approximately 9.2 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 residential units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following 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, 2021 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 was announced by Empire State Realty Trust?

Empire State Realty Trust announced a new lease with Pandora, keeping its retail property at 112 W. 34th Street fully leased.

Why is the 112 W. 34th Street location significant for ESRT?

The location is significant due to its proximity to major attractions like Macy's and the Empire State Building, increasing foot traffic and potential sales.

What is the current leasing status of Empire State Realty Trust's retail space?

As of the latest announcement, all retail spaces at 112 W. 34th Street are fully leased.

What can investors infer from Pandora's lease with ESRT?

Investors may view Pandora's lease as a positive indicator of the strength and desirability of ESRT's retail properties.

What types of properties does Empire State Realty Trust manage?

Empire State Realty Trust manages office, retail, and multifamily assets primarily in Manhattan and the greater New York metropolitan area.