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Stock Market & Financial Investment News

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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.
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