Burlington Expands 1400 Broadway Offices by 68K SF
Discount retail chain Burlington Stores gobbled up more office space at its longtime Garment District outpost, Commercial Observer has learned.
Burlington signed a 16-year lease to expand its office by 67,865 square feet across two additional floors of 1400 Broadway, according to landlord Empire State Realty Trust (ESRT). Burlington now occupies 170,763 square feet across five floors of the 37-story building.
Asking rent was $69 per square foot, a spokesperson for ESRT said.
The deal will strengthen ESRT’s decade-plus relationship with the national department store chain, according to Thomas Durels, executive vice president of ESRT.
The 937,892-square-foot building has been able to serve the office market’s “flight to property and balance sheet quality,” Durels said in a statement, citing its location and upgraded amenities.
Burlington, formerly known as Burlington Coat Factory, has been in the building between West 38th and West 39th streets since 2010. It has expanded three times since then, as CO previously reported.
The company, which turns 100 this year, began as a wholesale retail outlet for women’s coats in 1924 and later launched a retail business in Burlington, N.J., according to its website. The suburban New Jersey town remains its headquarters today.
Desino and a spokesperson for Newmark did not immediately respond to requests for comment.
Abigail Nehring can be reached at firstname.lastname@example.org.