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Stock Market & Financial Investment News

News Breaks
May 19, 2014
08:08 EDTESRTEmpire State Realty exercises options to acquire interests in two properties
Empire State Realty Trust announced that it has exercised its options to purchase the ground and operating leases at 112 West 34th Street and the ground lease at 1400 Broadway for a total of approximately $734M in cash, common stock and operating partnership units. The acquisitions are expected to close within 90 days, subject to customary closing conditions. The company will acquire the leaseholds under the terms of the option agreements which set the consideration to be paid to participants in cash, stock and units. 112 West 34th Street’s leaseholds and fee title to a small contiguous property will be acquired for approximately $423.6M, or approximately $570 per square foot, consisting of $87.7M by assumption of existing mortgage debt, $115.5M in cash and $220.4M in shares of Class A and Class B common stock and Series PR OP units, based on the average closing price of ESRT Class A shares over a four-week period ending ten days prior to closing. 1400 Broadway’s leasehold will be acquired for $310M, or approximately $346 per square foot, consisting of $80M by assumption of existing mortgage debt, $85.5M in cash, and $144.5M in shares of Class A and Class B common stock and Series PR OP units, based on the average closing price of ESRT Class A shares over a four-week period ending ten days prior to closing.
News For ESRT From The Last 14 Days
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January 28, 2015
10:54 EDTESRTMedia General leases 62nd floor of Empire State Building
Media General (MEG) has leased the entire 62nd floor, comprising 26,782 square feet, at the Empire State Building, to centralize its six digital media companies and national sales headquarters into one location, announced landlord Empire State Realty Trust (ESRT), and Douglas Elliman Real Estate, which represented Media General in the transaction.
January 16, 2015
10:13 EDTESRTBofA/Merrill Office REITs analyst holds analyst/industry conference call
U.S. Office & Warehouse REIT Analyst Feldman, along with Jones Lang LaSalle (JLL) Research, Lasing and Capital Markets teams, provide a comprehensive update on leasing and capital market conditions ahead of earnings on an Analyst/Industry conference call to be held on January 20 at 11 am.

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