Empire State Realty Trust, Inc.(NYSE: ESRT) today announced a simplified lease form that will expedite lease negotiations and save tenants time and money. More than 40 changes to the standard lease form reduce pain points and enable accelerated discussions for tenants, lawyers, and brokers.
Among the many changes, the new form includes a more tenant-friendly expansion of the standard list of operating expense exclusions as well as broader tenant protections in the electricity, casualty, and subordination provisions.
“Since inception, Empire State Realty Trust has been a model of exceptional service. By reimagining the lease process, we provide a simpler, better experience for all involved parties,” said Anthony E. Malkin, Chairman, and CEO of ESRT.
The new simpler lease is part of a more significant program that Empire State Realty Trust is developing to reform the lease process to speed conclusion and reduce costs for tenants and their teams.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), 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.” Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of December 31, 2018, 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, New York; and approximately 700,000 rentable square feet in the retail portfolio.
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