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Empire State Realty Trust picks up ground leases for $734M
REIT picks up leaseholds, ground and operating leases for two Midtown properties
Anthony Malkin’s Empire State Realty Trust has purchased the ground and operating leases for two Midtown properties.
The REIT exercised its option to purchase the ground and operating lease for 112 West 34th Street and the ground lease at 1400 Broadway for $734 million in cash, common stock and operating partnership units, GlobeSt. reported. The two acquisitions are expected to close in 90 days.
Under the terms of the option agreements, Empire State will acquire 112 West 34th Street’s leaseholds and fee title to a contiguous property for approximately $423.6 million, and 1400 Broadway’s leasehold for roughly $310 million, according to GlobeSt.
Empire State Realty Trust did not respond to GlobeSt’s request for comment. [GlobeSt] — Julie Strickland