Empire State Realty Inks Long-Term Lease in Midtown – What is a Ground Lease?
Brokerage, New York, News, Northeast, Office, Cushman & Wakefield, Empire State Realty Trust, OPEN Impact Real Estate
Empire State Realty Trust has secured a 30-year, full-floor lease at 1333 Broadway, a 362,531-square-foot office building in New York City. Nonprofit organization Rising Ground will occupy 29,566 square feet at the property.
OPEN Impact Real Estate negotiated on behalf of the new tenant, while the landlord represented itself, with the assistance of Cushman & Wakefield.
ESRT purchased the asset from Helmsley Enterprises in 2013, as part of a $164.3 million portfolio deal, CommercialEdge data shows. Built in 1915 and designed by architecture firm Clinton & Russell, 1333 Broadway is a 12-story multi-tenant office property that includes 11.6-foot clear heights, 29,500-square-foot floor plates, five passenger elevators and 62,000 square feet of ground-floor retail space.
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Common-area amenities include an upgraded lobby, an upcoming 8,000-square-foot rooftop lounge, a renovated event space with video conferencing systems and a tenant lounge that can host more than 300 people. Additionally, the building is within walking distance from Penn Station and Grand Central Terminal.
OPEN Impact Real Estate’s Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott assisted Rising Ground in the lease negotiations. ESRT was represented in-house by Shanae Ursini, along with Cushman & Wakefield’s Robert Lowe, Ron LoRusso, Heather Thomas, Anthony LoPresti and Dan Organ.
A closer look at Manhattan’s recent leasing activity
Other tenants at 1333 Broadway include Wiesner Products, ActiveHealth Management, Signature Bank, Sanne Group and Canon U.S.A.
The borough is still struggling with rising vacancy rates. As of April, Manhattan’s office vacancy reached 16.5 percent, marking a 210-basis-point increase year-over-year, CommercialEdge data shows.
Earlier this week, Flagster Bank N.A., the buyer of the recently collapsed Signature Bank’s liquid assets, debt and service centers, has assumed one of the latter’s office spaces in Midtown Manhattan. ESRT is the owner of the 313,109-square-foot space at 1400 Broadway, a Class A, 919,405-square-foot property.
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A nonprofit organization signed a full-floor commitment at 1333 Broadway.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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