Pontera Solutions Signs 41k Square Foot Expansion Lease with ESRT at the Empire State Building

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) has announced a significant leasing agreement with Pontera Solutions, a fintech company. Pontera will relocate from its current 10,539 square foot space at 111 W. 33rd Street to a larger 40,679 square foot space in the iconic Empire State Building. This move is part of ESRT's ongoing efforts to attract high-quality tenants and has contributed to a total of over 2.7 million square feet of tenant expansions since the company's IPO. The Empire State Building continues to be a prime location, offering modern office spaces with top-notch environmental quality and sustainability measures, along with a variety of amenities such as a fitness center, dining options, and soon-to-open recreational facilities. The lease negotiation involved representatives from JLL and Newmark. This expansion highlights the growing demand for quality office spaces in premier locations.

Positive

• Pontera Solutions is expanding its office space from 10,539 sq ft to 40,679 sq ft, indicating business growth.
• The lease is part of ESRT's strategy to attract high-quality tenants, contributing to over 2.7 million sq ft of tenant expansions since IPO.
• The Empire State Building offers premier indoor environmental quality, sustainability measures, and modernized office spaces.
• Tenants of the Empire State Building have access to 65,000 sq ft of amenities, including a fitness center, conference center, and various dining options.

Negative

• The cost implications of Pontera Solutions relocating to a larger, more prestigious space might strain financial resources.
• Potential risk of increased vacancies at 111 W. 33rd Street following Pontera's relocation.

Fintech Company Will Relocate from ESRT’s 111 W. 33^rd Street

NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed a new, long term lease with Pontera Solutions, Inc. for a 40,679 square foot space at the Empire State Building. Pontera – a fintech company that specializes in software for financial advisors to manage retirement accounts –- will relocate from their current 10,539 square foot space at ESRT’s 111 W. 33rd Street.

“ESRT continues to provide solutions for great businesses, this time with Pontera Solutions at the Empire State Building,” said ESRT EVP, Real Estate Thomas P. Durels. “ESRT is a top destination for the market’s flight to quality and has seen more than 2.7 million square feet of tenant expansions since our IPO.”

The Empire State Building is a fully modernized landmark that offers newly built office space equipped with ESRT’s premier indoor environmental quality and sustainability measures. The building houses more than 65,000 square feet of amenities which include a tenant-only fitness center, conference center, seven in-building dining options, and the soon-to-open Empire Lounge that will include a 400+ person all-hands space, basketball/pickleball court, and two golf simulators. ESRT recently announced new retail leases at the Empire State Building with Ghirardelli and Samurice.

Justin Haber and Kyle Riker of JLL represented Pontera Solutions in the lease negotiations. Shanae Ursini of ESRT and Scott Klau, Erik Harris, and Neil Rubin of Newmark represented the property owner.

More information about 111 W. 33^rd Street, 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 and the Observatory deck attraction in ESRT’s flagship Empire State Building – the “World’s Most Famous Building”. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2024, ESRT's portfolio is comprised of approximately 8.6 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 727 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statement

This press release includes "forward-looking statements" within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify these statements by use of words such as “aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases 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 the Company's control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company’s filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does 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
Category: Leasing

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528200526/en/

MEDIA CONTACT:

Empire State Realty Trust

Brock Talbot

347-804-7863

btalbot@esrtreit.com

Source: Empire State Realty Trust, Inc.

FAQ

What is the new lease agreement between Pontera Solutions and ESRT?

Pontera Solutions has signed a long-term lease for a 40,679 square foot space at the Empire State Building, relocating from their current 10,539 square foot space at 111 W. 33rd Street.

Why is Pontera Solutions relocating to the Empire State Building?

Pontera Solutions is relocating to expand its office space significantly, moving from a 10,539 sq ft space to a 40,679 sq ft space in a prime location with modern amenities.

What amenities are available at the Empire State Building for ESRT tenants?

The Empire State Building offers a fitness center, conference center, various dining options, and will soon include an Empire Lounge with recreational facilities like a basketball/pickleball court and golf simulators.

How much tenant expansion has ESRT achieved since its IPO?

Since its IPO, ESRT has achieved over 2.7 million square feet of tenant expansions.

What environmental and sustainability measures are in place at the Empire State Building?

The Empire State Building is equipped with premier indoor environmental quality and sustainability measures to ensure a modern and eco-friendly office space.