Latest news with #ESRT
Business Wire
06-08-2025
- Business
- Business Wire
Empire State Realty Trust Announces Dividend for Third Quarter 2025
NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the 'Company'), today announced that its Board of Directors has declared a dividend of $0.035 per share for the third quarter of 2025, payable to holders of the Company's Class A common stock and Class B common stock and to holders of Empire State Realty OP, L.P.'s ('ESRO') Series ES, Series 250 and Series 60 operating partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR operating partnership units. The Board of Directors has declared a dividend of $0.15 per unit for the third quarter of 2025, payable to holders of ESRO's Series 2014 Private Perpetual Preferred Units, and a dividend of $0.175 per unit for the third quarter of 2025, payable to holders of ESRO's Series 2019 Private Perpetual Preferred Units. The dividends will be payable in cash on September 30, 2025, to stockholders or unitholders, as applicable, of record at the close of business on September 15, 2025. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2025, ESRT's portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify these statements by use of words such as 'aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company's filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise. Category: FINANCIAL
Business Wire
23-07-2025
- Business
- Business Wire
Empire State Realty Trust Announces Second Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter 2025. All per share amounts are on a fully diluted basis, where applicable. Second Quarter and Recent Highlights Net Income of $0.04 per share. Core Funds From Operations ('Core FFO') of $0.22 per share. Same-Store Property Cash Net Operating Income ('NOI'), excluding lease termination fees decreased 5.9% year-over-year. The second quarter change was primarily attributed to increases in real estate taxes and property operating expenses. These higher expense were partially offset by higher tenant reimbursement income. Adjusted for non-recurring items, which predominately consisted of positive items recognized in the second quarter of 2024, Same-Store Property Cash NOI decreased by 3.0%. Signed 221,776 rentable square feet of Manhattan office leases. In our Manhattan office portfolio, blended leasing spreads were +12.1%, the 16 th consecutive quarter of positive leasing spreads. consecutive quarter of positive leasing spreads. Manhattan office leased rate increased by 80 bps sequentially to 93.8%. The total commercial portfolio is 92.9% leased as of June 30th, 2025. Manhattan office occupancy increased by 140 bps sequentially to 89.5%. The total commercial portfolio is 89.0% occupied as of June 30th, 2025. Empire State Building Observatory generated NOI of $24.1 million. Closed on the previously announced acquisition of a retail asset located at 86-90 North 6th Street in Williamsburg Brooklyn, for a purchase price of $31.0 million. Property Operations As of June 30, 2025, the Company's property portfolio contained 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below. June 30, 20251 March 31, 20251 June 30, 20241 Percent occupied: Total commercial portfolio 89.0% 87.9% 88.9% Total office 88.9% 87.5% 88.6% Manhattan office 89.5% 88.1% 89.3% Total retail 89.9% 91.2% 92.3% Percent leased (includes signed leases not commenced): Total commercial portfolio 92.9% 92.5% 93.1% Total office 93.1% 92.3% 93.0% Manhattan office 93.8% 93.0% 93.8% Total retail 90.7% 94.1% 93.5% Total multifamily portfolio 98.6% 99.0% 97.9% 1 All occupancy and leased percentages exclude broadcasting and storage space. Expand Leasing The tables that follow summarize leasing activity for the second quarter of 2025. During this period, the Company signed 22 leases that totaled 232,108 square feet with an average lease duration of 9.9 years. Total Portfolio Total Portfolio Leases executed Square footage executed Average cash rent psf – leases executed % of new cash rent over / under previously escalated rents Office 18 221,776 71.21 12.1% Retail 4 10,332 268.92 (15.0)% Total Overall 22 232,108 80.01 7.0% Expand Manhattan Office Portfolio Manhattan Office Portfolio Leases executed Square footage executed Average cash rent psf – leases executed % of new cash rent over / under previously escalated rents New Office 16 202,499 72.28 14.5% Renewal Office 2 19,277 59.97 (11.2)% Total Office 18 221,776 71.21 12.1% Expand Leasing Activity Highlights A 14-year 39,610 square foot expansion lease with an investment management tenant at One Grand Central Place. A 12-year 39,237 square foot new lease with Elsberg Baker & Maruri at the Empire State Building. An 11-year 25,372 square foot new lease with Mott MacDonald Group at the Empire State Building. A 12-year 24,212 square foot renewal lease with SLCE Architects at 1359 Broadway. Balance Sheet The Company had $0.7 billion of total liquidity as of June 30, 2025, which was comprised of $95 million of cash, plus $620 million available under its revolving credit facility. At June 30, 2025, the Company had total debt outstanding of approximately $2.1 billion, no floating rate debt exposure, and a weighted average interest rate of 4.34%. At June 30, 2025, the Company's ratio of net debt to adjusted EBITDA was 5.6x. Portfolio Transaction Activity In the second quarter, the Company closed on the previously announced acquisition of a prime retail asset located at 86-90 North 6th Street in Williamsburg Brooklyn, for a purchase price of $31.0 million. The asset represents a strategic redevelopment opportunity in a prime retail location at the southeast corner of North 6th Street and Wythe Avenue. With this acquisition, the Company now owns two of the three viable corners on North 6th Street and Wythe Avenue and over 600 linear feet of prime retail frontage on North 6th Street. Share Repurchases During the second quarter and through July 22, 2025, the Company repurchased $2.1 million of common stock at a weighted average price of $6.92 per share. The stock repurchase program began in March 2020 and through July 22, 2025, approximately $296 million has been repurchased at a weighted average price of $8.17 per share. Dividend On June 30, 2025, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the second quarter of 2025 to holders of the Company's Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company's operating partnership (the 'Operating Partnership'). On June 30, 2025, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the second quarter of 2025 to holders of the Operating Partnership's Series 2014 and 2019 private perpetual preferred units, respectively. 2025 Earnings Outlook The Company provides 2025 guidance and key assumptions, as summarized in the table below. The Company's guidance does not include the impact of any significant future lease termination fee income or any unannounced acquisition, disposition or other capital markets activity. Key Assumptions 2025 Updated Guidance (July 2025) 2025 Initial Guidance (Feb 2025) Comments Earnings Core FFO Per Fully Diluted Share $0.83 to $0.86 $0.86 to $0.89 2025 includes ~$0.05 from multifamily assets Commercial Property Drivers Commercial Occupancy at year-end 89% to 91% 89% to 91% SS Property Cash NOI (excluding lease termination fees) –2.0% to +1.5% –2.0% to +1.5% Assumes positive revenue y/y growth Assumes a ~2.0 to 4.0% y/y increase in operating expenses and real estate taxes 2025 SS NOI y/y growth is expected to range from ~0.5 to 4.0% relative to 2024 excluding one-time items Observatory Drivers Observatory NOI $90M to $94M $97M to $102M Reflects average quarterly expenses of ~$9 to 10M Expand Low High Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership $0.22 $0.25 Add: Impairment Charge 0.00 0.00 Real Estate Depreciation & Amortization 0.65 0.65 Less: Private Perpetual Distributions 0.02 0.02 Gain on Disposal of Real Estate, net 0.05 0.05 FFO Attributable to Common Stockholders and the Operating Partnership $0.80 $0.83 Add: Amortization of Below Market Ground Lease 0.03 0.03 Core FFO Attributable to Common Stockholders and the Operating Partnership $0.83 $0.86 Expand The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above. Investor Presentation Update The Company has posted on the 'Investors' section of ESRT's website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations. Webcast and Conference Call Details Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 24, 2025 at 12:00 pm Eastern time. The webcast will be accessible on the 'Investors' section of ESRT's website. To listen to the live webcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers. Starting shortly after the call until July 31, 2025, a replay of the webcast will be available on the Company's website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13753919. The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the 'Investors' section of ESRT's website. The Company uses, and intends to continue to use, the 'Investors' page of its website, which can be found at as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the 'Investors' page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2025, ESRT's portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended (the 'Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. You can identify forward-looking statements by the use of forward-looking terminology such as 'aims," "anticipates," "approximately," "believes," "contemplates," "continues," "estimates," "expects," "forecasts," "hope," "intends," "may," "plans," "seeks," "should," "thinks," "will," "would" or the negative of these words and phrases or similar words or phrases. For the avoidance of doubt, any projection, guidance, or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). Many important factors could cause our actual results, performance, achievements, and future events to differ materially from those set forth, implied, anticipated, expected, projected, assumed or contemplated in our forward-looking statements, including, among other things: (i) economic, market, political and social impact of, and uncertainty relating to, any catastrophic events, including pandemics, epidemics or other outbreaks of disease, natural disasters and extreme weather events, terrorism and other armed hostilities, as well as cybersecurity threats and technology disruptions; (ii) increased costs due to tariffs or other economic factors; (iii) a failure of conditions or performance regarding any event or transaction described herein; (iv) resolution of legal proceedings involving the Company; (v) reduced demand for office, multifamily or retail space, including as a result of the changes in the use of office space and remote work; (vi) changes in our business strategy; (vii) a decline in Observatory visitors due to changes in domestic or international tourism, including due to health crises, geopolitical events, currency exchange rates, and/or competition from other observatories; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company's borrowing costs as a result of changes in interest rates and other factors; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) limitations on our ability to pay down, refinance, restructure or extend our indebtedness or borrow additional funds; (xiii) decreased rental rates or increased vacancy rates; (xiv) difficulties in executing capital projects or development projects successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) impact of changes in governmental regulations, tax laws and rates and similar matters; (xvii) our failure to qualify as a REIT; (xviii) incurrence of taxable capital gain on disposition of an asset due to failure of compliance with a 1031 exchange program; (xix) our disclosure controls and internal control over financial reporting, including any material weakness; and (xx) failure to achieve sustainability metrics and goals, including as a result of tenant collaboration, and impact of governmental regulation on our sustainability efforts. For a further discussion of these and other factors that could impact the company's future results, performance, or transactions, see the section entitled 'Risk Factors' of our annual report on Form 10-K for the year ended December 31, 2024 and any additional factors that may be contained in any filing we make with the SEC. While forward-looking statements reflect the Company's good faith beliefs, they do not guarantee future performance. Any forward-looking statement contained in this press release speaks only as of the date on which it was made, and we assume no obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this press release, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements). Empire State Realty Trust, Inc. Condensed Consolidated Statements of Operations (unaudited and amounts in thousands, except per share data) Three Months Ended June 30, 2025 2024 Revenues Rental revenue $ 153,540 $ 152,470 Observatory revenue 33,899 34,124 Lease termination fees 464 — Third-party management and other fees 408 376 Other revenue and fees 2,939 2,573 Total revenues 191,250 189,543 Operating expenses Property operating expenses 44,880 41,516 Ground rent expenses 2,332 2,332 General and administrative expenses 18,685 18,020 Observatory expenses 9,822 8,958 Real estate taxes 32,607 31,883 Depreciation and amortization 47,802 47,473 Total operating expenses 156,128 150,182 Total operating income 35,122 39,361 Other income (expense): Interest income 1,867 5,092 Interest expense (25,126 ) (25,323 ) Interest expense associated with property in receivership — (628 ) Gain on disposition of property — 10,803 Income before income taxes 11,863 29,305 Income tax expense (478 ) (750 ) Net income 11,385 28,555 Net income attributable to non-controlling interests: Non-controlling interest in the Operating Partnership (3,815 ) (10,433 ) Preferred unit distributions (1,051 ) (1,051 ) Net income attributable to common stockholders $ 6,519 $ 17,071 Total weighted average shares Basic 168,368 164,277 Diluted 269,951 268,716 Earnings per share attributable to common stockholders Basic $ 0.04 $ 0.10 Diluted $ 0.04 $ 0.10 Expand Empire State Realty Trust, Inc. Condensed Consolidated Statements of Operations (unaudited and amounts in thousands, except per share data) Six Months Ended June 30, 2025 2024 Revenues Rental revenue $ 308,082 $ 306,352 Observatory revenue 57,060 58,720 Lease termination fees 464 — Third-party management and other fees 839 641 Other revenue and fees 4,871 5,009 Total revenues 371,316 370,722 Operating expenses Property operating expenses 89,940 86,576 Ground rent expenses 4,663 4,663 General and administrative expenses 35,625 33,992 Observatory expenses 17,940 17,389 Real estate taxes 65,657 64,124 Depreciation and amortization 96,581 93,554 Total operating expenses 310,406 300,298 Total operating income 60,910 70,424 Other income (expense): Interest income 5,653 9,270 Interest expense (52,064 ) (50,451 ) Interest expense associated with property in receivership (647 ) (628 ) Loss on early extinguishment of debt — (553 ) Gain on disposition of property 13,170 10,803 Income before income taxes 27,022 38,865 Income tax (expense) benefit 141 (95 ) Net income 27,163 38,770 Net income attributable to non-controlling interests: Non-controlling interest in the Operating Partnership (9,323 ) (13,933 ) Non-controlling interests in other partnerships — (4 ) Preferred unit distributions (2,101 ) (2,101 ) Net income attributable to common stockholders $ 15,739 $ 22,732 Total weighted average shares Basic 167,644 163,988 Diluted 269,739 268,105 Earnings per share attributable to common stockholders Basic $ 0.09 $ 0.14 Diluted $ 0.09 $ 0.14 Expand Empire State Realty Trust, Inc. Reconciliation of Net Income to Funds From Operations ('FFO'), Modified Funds From Operations ('Modified FFO') and Core Funds From Operations ('Core FFO') (unaudited and amounts in thousands, except per share data) Three Months Ended June 30, 2025 2024 Net income $ 11,385 $ 28,555 Preferred unit distributions (1,051 ) (1,051 ) Real estate depreciation and amortization 46,921 46,398 Gain on disposition of property — (10,803 ) FFO attributable to common stockholders and Operating Partnership units 57,255 63,099 Amortization of below-market ground leases 1,958 1,958 Modified FFO attributable to common stockholders and Operating Partnership units 59,213 65,057 Interest expense associated with property in receivership — 628 Core FFO attributable to common stockholders and Operating Partnership units $ 59,213 $ 65,685 Total weighted average shares and Operating Partnership units Basic 266,899 264,676 Diluted 269,951 268,716 FFO per share Basic $ 0.21 $ 0.24 Diluted $ 0.21 $ 0.23 Modified FFO per share Basic $ 0.22 $ 0.25 Diluted $ 0.22 $ 0.24 Core FFO per share Basic $ 0.22 $ 0.25 Diluted $ 0.22 $ 0.24 Expand Empire State Realty Trust, Inc. Reconciliation of Net Income to Funds From Operations ('FFO'), Modified Funds From Operations ('Modified FFO') and Core Funds From Operations ('Core FFO') (unaudited and amounts in thousands, except per share data) Six Months Ended June 30, 2025 2024 Net income $ 27,163 $ 38,770 Non-controlling interests in other partnerships — (4 ) Preferred unit distributions (2,101 ) (2,101 ) Real estate depreciation and amortization 94,792 91,255 Gain on disposition of property (13,170 ) (10,803 ) FFO attributable to common stockholders and Operating Partnership units 106,684 117,117 Amortization of below-market ground leases 3,916 3,916 Modified FFO attributable to common stockholders and Operating Partnership units 110,600 121,033 Interest expense associated with property in receivership 647 628 Loss on early extinguishment of debt — 553 Core FFO attributable to common stockholders and Operating Partnership units $ 111,247 $ 122,214 Total weighted average shares and Operating Partnership units Basic 266,985 264,619 Diluted 269,739 268,105 FFO per share Basic $ 0.40 $ 0.44 Diluted $ 0.40 $ 0.44 Modified FFO per share Basic $ 0.41 $ 0.46 Diluted $ 0.41 $ 0.45 Core FFO per share Basic $ 0.42 $ 0.46 Diluted $ 0.41 $ 0.46 Expand Empire State Realty Trust, Inc. Condensed Consolidated Balance Sheets (unaudited and amounts in thousands) June 30, 2025 December 31, 2024 Assets Commercial real estate properties, at cost $ 3,903,950 $ 3,786,653 Less: accumulated depreciation (1,341,144 ) (1,274,193 ) Commercial real estate properties, net 2,562,806 2,512,460 Contract asset2 — 170,419 Cash and cash equivalents 94,643 385,465 Restricted cash 42,084 43,837 Tenant and other receivables 28,124 31,427 Deferred rent receivables 255,272 247,754 Prepaid expenses and other assets 85,083 101,852 Deferred costs, net 181,694 183,987 Acquired below market ground leases, net 309,495 313,410 Right of use assets 28,070 28,197 Goodwill 491,479 491,479 Total assets $ 4,078,750 $ 4,510,287 Liabilities and equity Mortgage notes payable, net $ 691,440 $ 692,176 Senior unsecured notes, net 1,097,355 1,197,061 Unsecured term loan facility, net 268,883 268,731 Unsecured revolving credit facility — 120,000 Debt associated with property in receivership — 177,667 Accrued interest associated with property in receivership — 5,433 Accounts payable and accrued expenses 104,315 132,016 Acquired below market leases, net 17,081 19,497 Ground lease liabilities 28,070 28,197 Deferred revenue and other liabilities 55,343 62,639 Tenants' security deposits 27,015 24,908 Total liabilities 2,289,502 2,728,325 Total equity 1,789,248 1,781,962 Total liabilities and equity $ 4,078,750 $ 4,510,287 2 This contract asset represents the amount of obligation which was released on February 5, 2025, upon the final resolution of the foreclosure process on First Stamford Place. Expand
Business Wire
21-07-2025
- Business
- Business Wire
Elsberg Baker & Maruri PLLC Signs New 40k Square Foot Lease at the Empire State Building
NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed a 39,237 square foot lease with law firm Elsberg Baker & Maruri PLLC at the Empire State Building. The firm will occupy one full and one partial floor at the 'World's Most Famous Building.' 'Elsberg Baker & Maruri is thrilled to move into the iconic Empire State Building,' said Josette Winograd, CEO at Elsberg Baker & Maruri. 'Our firm, client base, and team have grown exponentially, and we expect continued expansion. Our new office will accommodate our growth now and into the future and provide a state-of-the-art home base from which our trial lawyers will service clients worldwide.' The Empire State Building is a fully modernized landmark that offers newly built office space equipped with ESRT's premier indoor environmental quality and sustainability measures. The building features more than 65,000 square feet of unmatched amenities which include eight in-building dining options; a tenant-only fitness center; conference center; and the Empire Lounge with a 400-person all-hands space, a variety of comfortable seating areas, phone booths for private communication, a basketball/pickleball court, and 'ESRTees,' two golf simulators. 'Elsberg Baker & Maruri PLLC worked closely with ESRT's expert in-house architecture and project management team to design, build, and furnish their ideal New York City office space with excellent views and natural light,' said Thomas P. Durels, ESRT's EVP, Real Estate. 'We are pleased to welcome Elsberg Baker & Maruri to our tenant roster at the Empire State Building and to deliver an office space for the firm to grow and thrive.' Brian Goldman, Nicholas Lucia, and Jason Perla of Newmark represented Elsberg Baker & Maruri in the lease negotiations. Jordan Berger of ESRT and Scott Klau, Erik Harris, and Neil Rubin of Newmark represented the property owner. More information about the Empire State Building, and current office availability, can be found online. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor's 2024 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2025, ESRT's portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. More information about Empire State Realty Trust can be found at and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Source: Empire State Realty Trust, Inc. Category: Leasing
Business Wire
14-07-2025
- Business
- Business Wire
Empire State Realty Trust Announces George L. W. Malkin Has Joined Its Board of Directors
NEW YORK--(BUSINESS WIRE)--Empire State Realty Trust, Inc. (NYSE: ESRT) (the 'Company'), today announced that George L. W. Malkin has joined its Board of Directors, effective July 13, 2025. Mr. Malkin is President of Malkin Holdings. His career spans over a decade in operational and financial roles. Prior to Malkin Holdings, George was an executive at Sao Paulo based, private equity-backed wireless infrastructure multinational QMC Telecom, where he launched three international markets and served as Chief-of-Staff to the company's CEO. George also held multiple roles at the H.J. Heinz Company, where he implemented 3G Capital's restructuring and cost savings initiatives across the company's North American and Australian operations. George currently serves as a director at Map of Agriculture, a privately held agricultural data analytics business. He has a B.A. in International Relations with Honors from Stanford University, where he won the J.E. Wallace Sterling Award, and an M.B.A. from Stanford's Graduate School of Business. George is the son of Anthony E. Malkin, Chairman and Chief Executive Officer of the Company, and the grandson of Peter L. Malkin, Chairman Emeritus of the Company. 'We welcome George and his contributions to the board,' said Steven J. Gilbert, Empire State Realty Trust's Lead Independent Director. George added, 'I am delighted to join Empire State Realty Trust's Board of Directors and partner with such an accomplished leadership team.' About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor's 2024 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2025, ESRT's portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. More information about Empire State Realty Trust can be found at and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Source: Empire State Realty Trust, Inc.
Business Wire
07-07-2025
- Business
- Business Wire
Mott MacDonald Signs New 25,372 Square Foot, Full-Floor Lease at the Empire State Building
NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) today announced that it signed a new lease with Mott MacDonald NY Inc. – an engineering, development, and management consultancy – for a full-floor, 25,372 square foot space at the Empire State Building. The firm will also continue to occupy their current 18,434 square foot space at ESRT's 1400 Broadway. 'We look forward to welcoming colleagues to our new North America Headquarters at the Empire State Building, with its unmatched location, modern office space, and premier amenities. It supports our commitment to bringing people together in an environment that inspires, encourages collaboration, and advances our sustainability goals,' said Dean Radeloff, President and CEO Mott MacDonald North America. 'ESRT's proactive and committed service provided a seamless experience as we sought a new high-profile space,' added Anne Nolan, Regional Facilities and Real Estate Manager Mott MacDonald North America. The Empire State Building is a fully modernized landmark that offers newly built office space equipped with ESRT's premier indoor environmental quality and sustainability measures. The building features more than 65,000 square feet of unmatched amenities which include eight in-building dining options; a tenant-only fitness center and conference center; and the Empire Lounge with a 400-person all-hands space, a variety of comfortable seating areas, phone booths for private communication, a basketball/pickleball court, and 'ESRTees,' two golf simulators. 'Mott MacDonald is familiar with our turn-key office spaces, top tier amenities, sustainability leadership, and ESRT's high-end service,' said Thomas P. Durels, ESRT EVP, Real Estate. 'We are pleased that Mott MacDonald will continue their partnership with us and expand into the 'World's Most Famous Building.'' Sheena Gohil, Jack Senske, and Teresa DeLeo of Colliers International represented Mott MacDonald in the lease negotiations. Shanae Ursini of ESRT and Scott J. Klau, Erik Harris, Neil Rubin, Brent Ozarowski, Zachary Weil, and Cole Gendels of Newmark represented the property owner. More information about the Empire State Building, and current office availability, can be found online. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the 'World's Most Famous Building,' features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor's 2024 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of March 31, 2025, ESRT's portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 732 residential units. More information about Empire State Realty Trust can be found at and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. Source: Empire State Realty Trust, Inc. Category: Leasing
