Empire State Realty Trust, Inc. (NYSE:ESRT) (the "Company") today announced that it has closed on a $180 million mortgage loan for 250 West 57th Street, a 542,000 square foot Manhattan office and retail property. The new interest-only loan bears a fixed rate of 2.83% and matures in December 2030.
"We are pleased to close on this financing transaction," said Christina Chiu, Empire State Realty Trust's EVP and Chief Financial Officer. "The strong execution reinforces the quality of ESRT's assets and our ability to access the capital markets."
The Company will use the proceeds from the loan to bolster its liquidity and balance sheet flexibility. The loan was arranged by Estreich & Company.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE:ESRT) 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 Building." ESRT is a leader in energy efficiency in the built environment and sustainability, and is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating, an evidence-based, third-party verified rating for all facility types, focused on operational policies, maintenance protocols, emergency plans and stakeholder education to address a COVID-19 environment now and broader health and safety-related issues into the future. The Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
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