Empire State Realty OP, L.P., the operating partnership of Empire State Realty Trust, entered into a new credit facility in the principal amount of $715 million, consisting of a $620 million revolving credit facility and a $95 million term loan facility.

The new revolving credit facility matures on March 8, 2029, inclusive of two six-month extension periods at the option of Empire State Realty and replaces an existing revolving credit facility that was due to mature in March 2025. The term loan facility matures on March 8, 2029, inclusive of two 12-month extension periods at the option of Empire State Realty and replaces an existing term loan facility that matures in March 2025.

Initial interest rates on the new facility, which may change based on Empire State Realty’s leverage levels, are adjusted SOFR plus 130 basis points for any drawn portion of the revolving credit facility and adjusted SOFR plus 150 basis points for the term loan facility. In addition, the facility has a sustainability-linked pricing mechanism that reduces the borrowing spread if certain benchmarks are achieved each year.

“We are pleased with the successful execution of our new credit facility that maintains our strong liquidity position and extends our balance sheet flexibility as we continue to focus on generating stakeholder value,” Christina Chiu, president of Empire State Realty Trust, said.

The new credit facility was arranged by BofA Securities and Wells Fargo Securities as joint bookrunners, with Bank of America serving as administrative agent. JPMorgan Chase Bank and U.S. Bank are additionally joint lead arrangers. U.S. Bank is the documentation agent. BMO and Goldman Sachs Bank USA are senior managing agents. BofA Securities is the sustainability structuring agent.