Empire State Realty Trust Announces New $850 Million Unsecured Revolving Credit Facility

NEW YORK--(BUSINESS WIRE)--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, today announced that it has closed on an $850 million, four-year unsecured revolving credit agreement with a group of financial institutions. The new unsecured facility, which has an initial maturity of March 31, 2025 that can be extended by two, six-month periods at the Company’s option, will replace the Company’s existing undrawn revolving credit facility that was scheduled to mature on August 29, 2021. In addition, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

“We are pleased to close on our new four-year revolving credit facility that maintains our robust liquidity position and extends our balance sheet flexibility,” said Christina Chiu, Empire State Realty Trust’s Executive Vice President and Chief Financial Officer. “The strong execution reinforces the lenders’ views of ESRT as an experienced, well-capitalized owner and operator of quality assets and ESRT’s ability to access the capital markets.”

The new unsecured revolving credit facility was arranged by BofA Securities, Inc., Wells Fargo Securities, LLC, Capital One, National Association, JPMorgan Chase Bank, N.A., and U.S. Bank National Association as Joint Lead Arrangers. Bank of America, N.A. is the Administrative Agent. U.S. Bank National Association is the Documentation Agent. Bank of Montreal and Goldman Sachs Bank USA are Senior Managing Agents. Other lenders include KeyBank National Association and Morgan Stanley Senior Funding, Inc.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) 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 Building.” The company's office and retail portfolio covers 10.1 million rentable square feet, as of Dec. 31, 2020, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.

Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit empirestaterealtytrust.com and follow ESRT on LinkedIn, Instagram, Twitter and Facebook for all of the latest announcements.