Empire State Realty Inks 85 KSF at NYC Office Asset
- Oct 16, 2017
The American Society of Composers, Authors and Publishers (ASCAP) signed an 85,400-square-foot lease with Empire State Realty Trust for four floors at 250 West 57th St. in Manhattan.
The Class A office building features a total of 530,716 square feet and has an 18.2 percent vacancy rate, according to Yardi Matrix. Built in 1921, the property also includes 17,387 square feet of ground floor retail space. Empire State Realty Trust purchased the asset in 2013 from Helmsley Enterprises for nearly $170 million.
ASCAP is a professional membership organization of over 635,000 songwriters, composers and music publishers. ASCAP is home to some of the greatest names in music and is the world leader in performance royalties, advocacy and career services for music creators.
“ASCAP selected the completely redeveloped 250 West 57th St., with its new Gensler-designed lobby with cutting-edge technology, new street front and building entrance, new elevators and remarkably efficient full floors,” said Thomas Durels, executive vice president & director of leasing and operations for ESRT, in prepared remarks. “ASCAP joins other full-floor tenants COOKFOX Architects, GuildNet and Mt. Sinai at this location.”
Mary Ann Tighe, Ken Meyerson, Robert Hill and Brendan Herlihy of CBRE represented ASCAP in the lease negotiations. Landlord representation was provided by Keith Cody of ESRT, along with Cushman & Wakefield’s Harry Blair, Sean Kearns and Heather Thomas.
Image courtesy of Yardi Matrix