Empire State Realty Trust Inc. has announced an agreement to acquire the Scholastic Building, located at 555-557 Broadway in Manhattan's SoHo submarket, for $386 million. The property includes approximately 368,000 square feet of office space and 28,000 square feet of prime retail. Currently, the building is 70% leased, featuring a 15-year office lease with Scholastic for 222,000 square feet and fully leased retail with a weighted average lease term of about eight years. The transaction, which is being conducted on an all-cash basis, is expected to close in December 2025. Empire State Realty Trust highlighted the value-creation potential from the availability of a three-floor, 110,000-square-foot block within the building.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Empire State Realty Trust Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20251201711152) on December 02, 2025, and is solely responsible for the information contained therein.