NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that Flagstar Bank, N.A. (“Flagstar”) has assumed the entire 313,109 square foot lease at 1400 Broadway, formerly leased by Signature Bank, under the same terms through 2039 with the exception of an approximate $3 per square foot rent reduction for the first five years of the lease amendment, which equates to an approximate 1.5% rent reduction over the duration of the lease. In the second quarter of 2023, ESRT will reverse $5.8M of the $6.4M straight-line reserve taken in the first quarter of 2023. These adjustments will have a combined estimated $0.02 per share impact on 2023 annual Funds from Operations (“FFO”). This and any other updates to FFO guidance will be provided when the Company reports its second quarter 2023 earnings.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – “the World’s Most Famous Building” – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor’s 2022 Travelers’ Choice Awards: Best of the Best. The company is a leader in healthy buildings, energy-efficiency, and indoor environmental quality. As of March 31, 2023, ESRT's portfolio is comprised of approximately 8.9 million rentable square feet of office space, 718,000 rentable square feet of retail space and 721 residential units across three multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
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Category: FINANCIAL