IN-DEPTH: Empire pays $734m for two Manhattan offices
Empire State Realty Trust has completed the acquisition of the ground and operating leases at 112 W. 34th St. and the ground lease at 1400 Broadway in New York City for a total of approximately $734 million in cash. The transaction was announced on July 16.
The seller was Malkin Properties.
The leaseholds and fee title to a small contiguous property at 112 W. 34th St. were acquired for approximately $423.6 million, or approximately $570 per square foot, consisting of $87.7 million by assumption of existing mortgage debt, $106.8 million in cash and $229.1 million in shares of class A and class B common stock and Series PR OP units.