{"id":915165,"date":"2025-12-02T10:30:44","date_gmt":"2025-12-02T15:30:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-the-scholastic-building\/"},"modified":"2025-12-02T10:30:44","modified_gmt":"2025-12-02T15:30:44","slug":"empire-state-realty-trust-announces-acquisition-of-the-scholastic-building","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-the-scholastic-building\/","title":{"rendered":"Empire State Realty Trust Announces Acquisition of the Scholastic Building"},"content":{"rendered":"

<\/p>\n

Empire State Realty Trust Announces Acquisition of the Scholastic Building<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nEmpire State Realty Trust, Inc. (NYSE: ESRT) (the \u201cCompany\u201d), announced that it has agreed to acquire 555-557 Broadway (the \u201cScholastic Building\u201d) for $386 million. The property is located in the SoHo submarket of Manhattan, between Spring and Prince Streets with entrances on both Mercer Street and Broadway, and is comprised of approximately 368,000 square feet of office and 28,000 square feet of prime retail. The property is 70% leased, including a 15-year office lease with Scholastic (NASDAQ: SCHL) for 222,000 square feet and fully leased retail with a weighted average lease term of approximately 8 years. There is a three-floor block of over 110,000 square feet, a unique availability in a prime market. The all-cash transaction is expected to close in December 2025.\n<\/p>\n

\n\u201cWe are pleased to welcome Scholastic to our roster of great companies who are our tenants and look forward to our new relationship with them,\u201d stated Anthony E. Malkin, Empire State Realty Trust\u2019s Chairman and Chief Executive Officer. \u201cWe are excited to bring this combination of contractual revenue, embedded growth, and significant value-creation potential from our ability to market the three uniquely large floors in a more than 110,000 square feet block.\u201d\n<\/p>\n

\nAdam Spies, Josh King and Avery Silverstein of Newmark (NASDAQ: NMRK) represented the seller in the transaction.\n<\/p>\n

\nThe Company has posted on the \u201cInvestors\u201d section of its website (www.esrtreit.com<\/a>) the latest investor presentation, which contains additional details on the transaction referenced herein.\n<\/p>\n

About Empire State Realty Trust<\/b><\/p>\n

\nEmpire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT\u2019s flagship Empire State Building, the \u201cWorld’s Most Famous Building,\u201d features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor\u2019s 2025 Travelers\u2019 Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2025, ESRT\u2019s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com<\/a> and by following ESRT on Facebook<\/a>, Instagram<\/a>, TikTok<\/a>, X<\/a>, and LinkedIn<\/a>.\n<\/p>\n

\nSource: Empire State Realty Trust, Inc.
\n
Category: Financial\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251201711152\/en\/<\/a><\/span><\/p>\n

Investors
\n<\/b>
Empire State Realty Trust Investor Relations
\n<\/b>
(212) 850-2678
\n
IR@esrtreit.com<\/a><\/p>\n

KEYWORDS:<\/b> New York United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Commercial Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Empire State Realty Trust Announces Acquisition of the Scholastic Building NEW YORK–(BUSINESS WIRE)– Empire State Realty Trust, Inc. (NYSE: ESRT) (the \u201cCompany\u201d), announced that it has agreed to acquire 555-557 Broadway (the \u201cScholastic Building\u201d) for $386 million. The property is located in the SoHo submarket of Manhattan, between Spring and Prince Streets with entrances on both Mercer Street and Broadway, and is comprised of approximately 368,000 square feet of office and 28,000 square feet of prime retail. The property is 70% leased, including a 15-year office lease with Scholastic (NASDAQ: SCHL) for 222,000 square feet and fully leased retail with a weighted average lease term of approximately 8 years. There is a three-floor block of over 110,000 square feet, a … <\/p>\n

Continue reading “Empire State Realty Trust Announces Acquisition of the Scholastic Building”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-915165","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nEmpire State Realty Trust Announces Acquisition of the Scholastic Building - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/empire-state-realty-trust-announces-acquisition-of-the-scholastic-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Empire State Realty Trust Announces Acquisition of the Scholastic Building - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Empire State Realty Trust Announces Acquisition of the Scholastic Building NEW YORK–(BUSINESS WIRE)– Empire State Realty Trust, Inc. 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