ESRT Signs Full-Floor Lease at Manhattan High-Rise

Empire State Realty Trust has signed a 12,622-square-foot, full-floor lease at 250 W. 57th St. in Manhattan. The tenant is Hanover Street Capital, a commercial real estate platform. Transwestern negotiated on behalf of the tenant. ESRT self-represented together with a team of CBRE brokers.

The owner purchased the asset from Helmsley Enterprises as part of the $711 million portfolio deal that also included the final ownership stake in the Empire State Building, back in 2013, according to CommercialEdge. Current tenants at the office tower include AJ Clarke Real Estate, Bank of America, RZO Companies, CookFox Architects and American Society of Composers, Authors and Publishers, the same source reveals.

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The building at 250 W. 57th St. is a 539,665-square-foot Class A office building that features floor plates ranging from 9,200 to 27,000 square feet, 10 passenger elevators and a 2,268-square-foot first floor retail space, according to CommercialEdge. The property is also equipped with ESRT’s indoor environmental and sustainability measures. The property underwent significant renovations in 2017 and now includes a new Gensler-designed lobby, updated elevators and storefronts, improved HVAC, security and electrical systems.

The 26-story building is on Billionaires’ Row, 4 miles from Lower Manhattan, 5 miles from Financial District, 9 miles from Brooklyn, N.Y. and within 16 miles from JFK Airport. The high-rise also provides in-building access to the Columbus Circle subway station and to the Shops at Columbus Circle.

Transwestern’s Senior Vice President Chase Gordon worked on behalf of the tenant. CBRE’s team comprised Vice Chairmen Paul Amrich and Neil King III, Senior Vice President Alexander Golod and First Vice President Anthony Manginelli. ESRT’s Vice President of Leasing Jordan Berger was also involved in negotiations.

Recent Manhattan deals

ESRT signed multiple tenants in 2023 at its Manhattan office properties: in July, global tech and management company Capco relocated its New York City office at the Empire State Building with a 26,620-square-foot lease. A month earlier, the landlord inked two additional agreements at the high-rise: Skanska signed a 25,057-square-foot relocation, while Aprio relocated its office by occupying 14,945 square feet at the property.

In May, Rising Ground signed a 30-year, 29,531-square-foot commitment at 1333 Broadway, ESRT’s 362,531-square-foot mid-rise. The landlord is keeping its leasing momentum this year too: earlier in January, Greater New York Mutual Insurance Co. signed a 52,116-square-foot lease at Empire State Building. The insurance company will occupy a full-floor at the 2.8 million-square-foot skyscraper.