The company will grow within the property from approximately 38,000 square feet to a total occupancy of approximately 117,000 square feet.
“We are delighted that our existing relationship with OnDeck gave us the opportunity to accommodate their significant expansion at 1400 Broadway,” said Thomas P. Durels, ESRT’s Executive Vice President, Director of Leasing and Operations.
OnDeck is a leading platform for small business loans. The company uses proprietary lending technology and analytics to aggregate and analyze thousands of data points to assess the creditworthiness of small businesses. Since 2007, OnDeck has deployed more than $2 billion in capital and has served tens of thousands of small businesses across more than 700 different industries in all 50 U.S. states, and also makes small business loans in Canada.
Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations.
Landlord representation was provided by Keith A. Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), 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 office building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.0 million rentable square feet, as of December 31 2014, consisting of 9.3 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 728,000 rentable square feet in the retail portfolio. The Company also owns land at the Stamford, Connecticut Transportation Center that supports the development of an approximately 380,000 rentable square foot office building and garage.
This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Business” and “Properties.” While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could impact the Company’s future results, performance or transactions, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).