Publicly traded PVH Corp., which is listed on the NYSE (PVH: NYSE), has signed a long-term renewal and expansion lease at 501 Seventh Avenue, a building owned by Empire State Realty Trust, Inc. (NYSE: ESRT) (the “Company”), a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, announces Thomas P. Durels, ESRT’s Chief of Property Operations and Leasing.
With the renewal and expansion on the premises, PVH will occupy 223,616 square feet on part of the third, fifth and ninth floors and all of floors 10-15. In February of 2013, PVH acquired Warnaco, which was headquartered at the building. “501 Seventh Avenue was in the opening stages of a major transformation, and the Times Square South submarket was just beginning to change from a garment to office tenant market, when Warnaco moved in approximately 10 years ago,” says Mr. Durels. “Since then, the Times Square South submarket is attracting quality office tenants from a wide range of industries. We are thrilled to have PVH expand and extend its commitment with us, and we look forward to continuing our long-term relationship.”
Mitchell Konsker and Matthew Astrachan of Jones Lang LaSalle and Steven Bauer of Cushman & Wakefield represented PVH in the lease negotiations. Harry Blair, Sean Kearns and Kelli Mekles of Cushman & Wakefield represented Empire State Realty Trust.
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 8.4 million rentable square feet, as of September 30, 2013, consisting of 7.8 million rentable square feet in 12 office properties, including seven in Manhattan, three in Fairfield County, Connecticut and two in Westchester County, New York; and approximately 645,000 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 and has an option to acquire two additional Manhattan office properties encompassing approximately 1.5 million rentable square feet of office space and over 150,000 rentable square feet of retail space at the base of the buildings.
Forward-Looking Statements
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 prospectus relating to the initial public offering, including those set forth under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “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, of 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 prospectus relating to the initial public offering, 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).
