Empire State Inks Full-Floor Lease at Manhattan Office Asset
- Apr 06, 2018
Empire State Realty Trust has signed Nestlé’s Nespresso brand to a 41,800-square-foot full-floor lease at 111 W. 33rd St., a Class A office building in Manhattan. Nespresso is an operating unit of the Nestlé Group.
The 26-story high-rise building comprises 717,076 square feet. The property is transit-oriented, offering access to two subway lines within a quarter mile from the asset. Also featuring 89,529 square feet of retail, other tenants include Target, Sephora, the Michael J. Fox Foundation and Regus. Empire State Realty Trust purchased 111 West 33rd St. from Cohen Brothers Realty back in 2014 for $423.6 million, according to Yardi Matrix.
“Nespresso’s new fifth floor home will have an efficient floor plate and a beautiful outdoor terrace at 111 W. 33rd St. where we have recently renovated the building’s lobby, elevators, and entryways on both 33rd and 34th Streets designed by STUDIOS Architecture,” said Thomas Durels, executive vice president, real estate, for ESRT, in a prepared statement. “Building-wide upgraded systems have been modernized for the 21st century.”
JLL’s Scott Panzer and Justin Haber represented Nespresso in the lease transaction, while ESRT’s Keith Cody and Newmark Knight Frank’s Scott Klau, Erik Harris and Neil Rubin, represented the landlord.
Image courtesy of ESRT