Empire State Realty Trust (ESRT) has found a buyer for the property at 1359 Broadway: Thor Equities. The company has agreed to pay $218 million for the 22-storey office building. This was announced by Commercial Observer, just about a month after the property was put on the market.
The achieved purchase price is only slightly below the initial asking price of $225 million, at which the 486,000 square foot property was offered at the beginning of summer. The transaction, which is expected to close within the next one to two months, has not yet been officially finalised.
Neither ESRT nor Thor Equities were available for comment. ESRT was represented in this transaction by a Newmark team led by Adam Spies, Josh King, Adam Doneger, Avery Silverstein, Marcella Fasulo, and Doug Harmon. They also declined to comment by editorial deadline. Thor Equities' representation could not be ascertained.
Property Features and Occupancy Rate
The property, located just two blocks north of Herald Square, recorded an occupancy rate of 95 percent as of last month. Lease agreements were recently signed with Infinium Wall Systems, SLCE Architects, and the non-profit organisation Braven. The retail section of the building includes a Wolfgang’s Steakhouse and Wokuni, among others.
Thor Equities' Expansion in Midtown
The acquisition of 1359 Broadway does not mark Thor Equities' first foray into Midtown's office property market this year. Back in March, Commercial Observer reported that Joe Sitt's company had acquired the 58,000 square foot office and retail building at 1165 Broadway from Michael Haddad for $56 million. This highlights Thor Equities' continued investment strategy in this segment.
