NEW YORK — Empire State Realty Trust, a leading real estate investment trust with office and retail properties in Manhattan and the greater New York metropolitan area, announced that the Company has increased its borrowing capacity under its unsecured revolving credit facility by $300 million to $1.1 billion.
The Company didn’t say what it would do with the increased credit but has the ability to further increase the total capacity of the facility to $1.25 billion, with additional exercises of the accordion during its term, which will initially mature in 2019.
David A. Karp, Executive Vice President and Chief Financial Officer, said, “We are pleased to augment our already strong liquidity position.”
The company owns the Empire State Building. Its office and retail portfolio covers 10.1 million rentable square feet, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut and two in Westchester County; and approximately 721,000 rentable square feet in the retail portfolio.