Empire State Realty Trust announced that it has agreed to acquire 555-557 Broadway (the Scholastic Building) 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 approximately 368,000 square feet of office and 28,000 square feet of prime retail. The property is 70 percent leased, including a 15-year office lease with Scholastic for 222,000 square feet and fully leased retail, with a weighted average lease term of approximately eight years. There is a three-floor block of more than 110,000 square feet, a unique availability in a prime market. The all-cash transaction is expected to close in December 2025.
“We are pleased to welcome Scholastic to our roster of great companies who are our tenants and look forward to our new relationship with them,” stated Anthony E. Malkin, chairman and CEO at Empire State Realty Trust. “We are excited to bring this combinat
