NEW YORK CITY, February 17, 2016 – Empire State Realty Trust, Inc. (NYSE: ESRT) announces that Papyrus, the exclusive stationery retailer, will open a store at 1359 Broadway, where it has signed a long-term lease.
The asking rent for the 1,187-square-foot space was $400 per square foot.
Papyrus’s lease in the Times Square South submarket follows those of other national retailers targeting the abundant pedestrian traffic of area employees, tourists and hotel guests traveling between Times Square and Macy’s/Herald Square. Among those are Urban Outfitters, Shake Shack and Rituals at 1333 Broadway, another ESRT property.
“The neighborhood continues to be transformed, with the influx of thousands of office workers, and new retailers beginning to populate stores that line the Broadway pedestrian plaza, targeting the growing foot traffic between Times Square and Herald Square,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “This section of Broadway is destined to become one of the City’s most active retail streets.”
Papyrus is the flagship brand of Schurman Retail Group, founded in 1950 as an importer of European paper products. Today, the company has approximately 400 stores in North America.
Jacqueline Klinger and Taryn Brandes of The Shopping Center represented Papyrus in the lease negotiations. Landlord representation was provided by Fred C. Posniak and Shanae Ursini of ESRT, along with Jared Lack 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 building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2015, 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 720,000 rentable square feet in the retail portfolio.
*Please note all lease square footages are approximate.
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