Burlington Stores, Inc. signed a new expansion lease adding 35,629 square feet at 1400 Broadway, bringing the retailer’s total Manhattan footprint at that address to 206,392 square feet. The deal also includes two renewal leases at the same location, consolidating Burlington’s presence in a high‑traffic Midtown South corridor.
The expansion reflects Burlington’s continued investment in Manhattan operations, building on a long‑standing relationship with Empire State Realty Trust that has seen four expansions since 2010. The renewal leases secure a stable, high‑traffic space that supports Burlington’s off‑price retail model and its strategy to strengthen its presence in major urban centers.
The expansion was disclosed in the same period as ESRT’s Q4 2025 earnings, which reported net income of $0.12 per share and core FFO of $0.23 per share, with same‑store property cash NOI up 0.9% year‑over‑year. ESRT’s office occupancy stood at 89.9% and total portfolio occupancy at 90.3% as of December 31, 2025.
Burlington’s Q4 2025 results showed earnings per share of $1.68 versus an estimate of $1.59, and revenue of $2.71 billion versus an estimate of $2.74 billion, a 7.1% year‑over‑year increase. The expansion aligns with Burlington’s strategy to strengthen its presence in major urban centers and to support growing demand for its off‑price retail model.
Empire State Realty Trust highlighted the partnership in a statement: “We are pleased that Burlington will grow their space at 1400 Broadway once again, and that we will continue our partnership with Nespresso at 111 W. 33rd Street. Tenants value ESRT’s high‑quality office spaces, unparalleled service, and strong balance sheet, which is evidenced by the more than 3.2 million square feet of existing tenant expansions since 2013.”
The 1400 Broadway building is undergoing a $45 million renovation, a factor that likely contributed to Burlington’s decision to expand. Midtown South, where the building is located, has seen year‑over‑year leasing activity increase, offsetting broader Manhattan office market declines of nearly 30% at the start of 2026.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.