Empire State Realty Extends Office Lease in Manhattan
- Apr 20, 2021
Burlington Stores has signed an office lease extension at 1400 Broadway in New York City’s Garment District. The retailer is set to double its footprint at the 37-story Manhattan high-rise from 35,182 to 68,307 square feet.
According to CommercialEdge, the owner, Empire State Realty Trust, acquired the 919,405-square-foot asset in 2014 for $310 million. Recently, the REIT closed on an $850 million, four-year unsecured revolving credit agreement to replace the company’s existing undrawn revolving credit facility that was due to expire in late August. The new credit facility has an initial maturity of March 31, 2025, with two six-month extension options.
Built in 1930 and renovated in 2010, the office tower also includes 18,000 square feet of retail. The building features a new lounge with air filtration upgrades, for the safety and health of its occupants. Burlington has been a tenant at the property since 2010. The roster also includes Interpublic Group of Companies, Fragomen and Signature Bank, among others.
Located at 1400 Broadway, the property is within walking distance of Times Square. The asset is also close to the Thomson Reuters Building, a 950,000-square-foot high-rise which set for a multi-million-dollar redevelopment.
Alan Desino of Colliers represented Burlington in the lease transaction. Newmark’s Scott Klau, Erik Harris and Neil Rubin assisted the landlord, along with Keith Cody of Empire State Realty.