ESRT agrees to acquire Scholastic Building for $386M; all-cash deal to close Dec 2025

Empire State Realty Trust, Inc.

All-cash acquisition of 555-557 Broadway (Scholastic Building) in SoHo for $386M; expected close in Dec 2025.
Property has 368K sq ft office and 28K sq ft prime retail; currently 70% leased.
Scholastic (SCHL) signs 15-year lease for 222,000 sq ft office space; retail fully leased with ~8 yr WALT.
Three-floor block of over 110,000 sq ft available, offering significant value-creation potential.
CEO Malkin highlights contractual revenue, embedded growth, and marketing of uniquely large block.

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