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Empire State Realty Trust Signs Two New Leases And Five Renewals at Greater NY Area Properties

Energy Consultant NuEnergen and Kumon North America Join Tenant Roster at Ten Bank Street in White Plains, NY

NEW YORK, Feb. 25, 2014 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE:ESRT) ("ESRT"), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, has recently concluded seven lease transactions at three of its suburban properties.

The transactions include:

  • A new lease with energy consulting firm NuEnergen, LLC, which relocated its 3,435-square-foot headquarters to Ten Bank Street in White Plains, N.Y. The tenant broker was Richard Goldstein of Goldstein & Associates.
  • Another new lease at Ten Bank Street, by Kumon North America.  The lease term for the 1,445-square-foot space is five years.  CBRE represented Kumon in the lease negotiations.
  • A renewal by investment management firm Rabar Market Research, Inc. for its 4,147-square-foot space at Ten Bank Street.  Michael McCall of CBRE represented Rabar in the negotiations.
  • A renewal at 500 Mamaroneck Avenue in Harrison, N.Y., by Case Paper, for its 4,718-square-foot space.  The firm, which is one of the largest privately owned paper merchants and converters in the U.S., signed a ten-year extension of its lease.  Craig S. Ruoff of Rakow Commercial Realty Group, Inc. served as the tenant broker.  This is the firm's second renewal since it moved into the building.
  • Renewals, also at 500 Mamaroneck Avenue, by CoKinetic Systems, a globally recognized leader in in-flight entertainment software, for its 4,668-square-foot headquarters space; and by C.H.O. Enterprises, a financial services firm, for its 1,538-square-foot office.  
  • A renewal by Bell Falla and Associates, LLC, a market research and consulting firm, at MerrittView (383 Main Avenue) in Norwalk, CT.  This is the firm's second renewal of its 2,325-square-foot space since it moved into the building in 2008.  The firm's broker was Barbara Segalini-Stilley of CBRE.

"We're equally pleased by new leases and renewals," says Jeffrey H. Newman, senior vice president of Empire State Realty Trust and its affiliates, who represented the landlord in the seven transactions, along with senior leasing associate Kimberly Zaccagnino and leasing associate Tara Long.  "New leases tell us that our message regarding the advantages of locating at our trophy properties continues to resonate with brokers and their clients.  Renewals tell us that we're delivering on our promises."

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE:ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world's most famous office building. Headquartered in New York, New York, the Company's office and retail portfolio covers 8.4 million rentable square feet, as of September 30, 2013, consisting of 7.8 million rentable square feet in 12 office properties, including seven in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 645,000 rentable square feet in the retail portfolio. The Company also owns land at the Stamford, Connecticut Transportation Center that supports the development of an approximately 380,000 rentable square foot office building and garage and has an option to acquire two additional Manhattan office properties encompassing approximately 1.5 million rentable square feet of office space and over 150,000 rentable square feet of retail space at the base of the buildings.

Forward-Looking Statements

This press release includes "forward looking statements". Forward-looking statements may be identified by the use of words such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the Company's prospectus relating to the initial public offering, including those set forth under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business and Properties." While forward-looking statements reflect the Company's good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company's future results, performance or transactions, see the section entitled "Risk Factors" in the prospectus relating to the initial public offering, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).           

SOURCE Empire State Realty Trust, Inc.

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