ESRT Signs Full-Floor Lease at Manhattan High-Rise
- Feb 26, 2018
Empire State Realty Trust (ESRT) has signed a full-floor lease with RZO LLC, a music management firm, to occupy 12,600 square feet at the firm’s 530,716-square-foot Class A Manhattan office high-rise at 250 W. 57th St. RZO will move from space lower in the building, which the owner plans to redevelop. In 2013, ESRT acquired the asset from Helmsley Enterprises for $170 million, according to Yardi Matrix.
The office tower, located two blocks from Columbus Circle and Central Park, is served by eight of New York’s subway lines at two stations within a five minute walk. Constructed in 1921, the tower contains 25 stories of office above 17,387 square feet of retail. ESRT began renovation work on the asset in 2016. A number of entertainment management organizations occupy the building, along with a range of other tenants including Mount Sinai Health System, COOKFOX Architects and GuildNet. As of January 2018, the building had a vacancy rate of 5.2 percent, per Yardi Matrix data.
“We are delighted to extend our relationship with RZO at 250 W. 57th, which has been completely transformed by a new Gensler-designed lobby,” said Thomas Durels, executive vice president & director of leasing and operations for ESRT, in a prepared statement. “Along with RZO, 250 W. 57th has attracted leading worldwide entertainment groups such as ASCAP, Universal Music Group and ML Management.”
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