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New York

Burlington grows bigger at ESRT’s 1400 Broadway

Retailer adds 34k sf for 103k sf total at 37-story tower

Empire State Realty Trust's Tony Malkin with 1400 Broadway
Empire State Realty Trust's Tony Malkin with 1400 Broadway (Empire Sate, Loopnet, Getty)

Another day, another office lease for Tony Malkin’s Empire State Realty Trust.

Discount retailer Burlington is tacking on 34,000 square feet at ESRT’s 1400 Broadway in the Garment District, the Commercial Observer reported. The lease brings Burlington’s total space at the property to nearly 103,000 square feet at the 37-story tower.

Burlington moved into the building in 2010 and doubled its lease at the property last year, hitting 68,000 square feet. The length and asking rent of the company’s latest lease were not disclosed.

ESRT was represented in the lease by a Newmark team including Scott Klau and Erik Harris. Burlington was represented by Colliers’ Alan Desino.

ESRT has been racking up notable office leases in recent days. Fintech firm iCapital earlier this month expanded for the fourth time since 2017 at One Grand Central, tacking on 59,000 square feet across two floors. The lease brought the company’s footprint up to 141,000 square feet.

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Meanwhile, security firm Allied Universal reportedly jumped to 501 Seventh Avenue to claim a 30,000-square-foot space for 10 years. The asking rent there was $62 per square foot. Allied is moving over from One Grand Central, however, so Malkin’s REIT will have more space to fill.

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Malkin’s REIT has a recent history of seeing tenants expand at its 1400 Broadway. Signature Bank in April added nearly 33,000 square feet to its space at the building, expanding the company’s footprint to more than 313,000 square feet, or nearly one-third of the building’s floors.

It was the second time Signature Bank expanded at the building this year. In January, it expanded by more than 168,000 square feet, adding to a footprint that had already included more than 112,000 square feet.

Despite the recent office leases, ESRT has been diversifying its portfolio recently. Malkin previously promised that more multifamily deals were on the way for the company, shortly after it purchased two Manhattan office buildings for $307 million.

— Holden Walter-Warner

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Commercial Real EstateEmpire State Realty TrustGarment DistrictOffice Leasing