Thu, 17/07/2014 - 10:01
Empire State Realty Trust has completed the acquisition of the ground and operating leases at 112 West 34th Street and the ground lease at 1400 Broadway for a total of approximately USD734 million.
The leaseholds and fee title to a small contiguous property at 112 West 34th Street were acquired for approximately USD423.6 million, or approximately USD570 per square foot, consisting of USD87.7 million by assumption of existing mortgage debt, USD106.8 million in cash and USD229.1 million in shares of Class A and Class B common stock and Series PR OP units.
The leasehold at 1400 Broadway was acquired for USD310.0 million, or approximately USD346 per square foot, consisting of USD80.0 million by assumption of existing mortgage debt, USD79.7 million in cash, and USD150.3 million in shares of Class A and Class B common stock and Series PR OP units.
In connection with these transactions, the company issued 2.7 million shares of Class A and Class B common stock at a per share price of USD16.65 and 20.1 million Series PR OP Units at a unit price of USD16.65.
Anthony E Malkin, chairman, president and CEO of Empire State Realty Trust, says: “Our acquisition of these high-quality midtown office properties represents an excellent opportunity to enhance shareholder value. Their redevelopment programs are well underway, and we believe there is excellent upside in the re-leasing of the office and retail space at both properties that we expect to capture over time.”
112 West 34th Street is a 26-story, 650,769 rentable square foot office tower, with 92,455 square feet of retail space located in the 34th Street/Penn Station submarket. An 89,529 square foot block of retail space located directly across from Macy’s M flagship location is currently being marketed for occupancy in mid-2016. The property’s office and retail space is 77.5 per cent occupied and 83.2 per cent leased, as of June 30, 2014.
1400 Broadway is a 37-story 880,131 rentable square foot office tower with 19,815 square feet of retail space, located in the Times Square South submarket, and the property’s office and retail space is 92.6 per cent occupied and 92.7 per cent leased, as of 30 June 2014.
Mon 27/04/2015 - 06:00
Thu 23/04/2015 - 19:00
Wed 22/04/2015 - 20:30
Wed 22/04/2015 - 06:00
Tue 28/04/2015 - 15:30
Fri 24/04/2015 - 11:00
Fri 24/04/2015 - 06:00
Tue, 28/Apr/2015 - 11:00
Tue, 28/Apr/2015 - 09:00
Tue, 28/Apr/2015 - 06:00
Mon, 27/Apr/2015 - 18:00
Mon, 27/Apr/2015 - 17:30
Mon, 27/Apr/2015 - 16:30