Overview
- Empire State Realty Trust will acquire 555–557 Broadway for $386 million in cash, with closing expected in December 2025.
- Scholastic will lease back 222,000 square feet for 15 years with two 10-year extension options as ESRT assumes maintenance and capital obligations.
- The Jefferson City, Missouri distribution facility will be sold to funds managed by Fortress affiliates for $95 million with a 20-year triple-net lease and $7.6 million in annual rent.
- Scholastic projects about $401 million in total net proceeds, including $327 million from the New York sale and $74 million from Jefferson City, to reduce debt and repurchase shares.
- The SoHo property includes 368,000 square feet of offices and 28,000 square feet of fully leased retail, leaving a roughly 110,000-square-foot contiguous office block available.