Empire State Realty (ESRT) announced that it has agreed to acquire 555-557 Broadway for $386M. 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 comprised of approximately 368,000 square feet of office and 28,000 square feet of prime retail. The property is 70% leased, including a 15-year office lease with Scholastic (SCHL) 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 over 110,000 square feet, a unique availability in a prime market. The all-cash transaction is expected to close in December.
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