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Empire State Realty Trust, Inc. (NYSE: ESRT) is a premier real estate investment trust (REIT) headquartered in New York, New York. As a leading entity in the real estate sector, ESRT specializes in the ownership, management, operation, acquisition, and repositioning of both office and retail properties in Manhattan and the greater New York metropolitan area. The company is renowned for its iconic property, the Empire State Building, which stands as one of the most famous buildings in the world.
As of June 30, 2015, Empire State Realty Trust's extensive office and retail portfolio boasts a substantial 10.0 million rentable square feet. This includes 9.3 million rentable square feet distributed across 14 office properties, with nine properties located in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York. Additionally, the retail portfolio encompasses approximately 720,000 rentable square feet.
Empire State Realty Trust operates as a pure-play greater New York and Manhattan-focused REIT, with around 9.4 million square feet of office space under its management, about 80% of which is located in Manhattan. The Empire State Building alone, featuring both office spaces and the popular observation deck, serves as a significant revenue generator and a prominent tourist attraction.
ESRT's strategic approach to real estate investment and management ensures that its properties are continually optimized for maximum value and performance. This includes ongoing projects aimed at enhancing tenant satisfaction, improving energy efficiency, and maintaining the historic integrity of its properties. The company's commitment to sustainability is evident in its efforts to achieve various environmental certifications and implement green building practices.
Financially, Empire State Realty Trust remains robust, with a diverse tenant base and a strategic focus on high-demand locations. The company's partnerships and collaborations with other industry leaders further strengthen its market position, offering shareholders confidence in its long-term growth and stability.
Empire State Building announces its holiday season celebrations featuring extensive decorations, festive events, and special activities. The Observatory Experience will be adorned with wreaths, lights, tinsel, and a giant menorah, offering dedicated photo opportunities with Santa Claus on select dates in December. Special attractions include Ghirardelli Chocolate's hot cocoa service on the 86th Floor Observatory, holiday movie screenings of classics like 'Elf' and 'Home Alone 2', and a Starbucks Reserve® Winter Wonderland pop-up featuring exclusive offerings. The building's iconic tower will feature special lightings for Thanksgiving, Chanukah, Christmas, and New Year's Eve, complemented by a holiday music-to-light show.
Empire State Realty Trust (ESRT) announced a significant lease expansion with law firm Hecker Fink LLP at the Empire State Building. The firm signed a full-floor expansion of 26,782 square feet, bringing their total office space to 53,779 square feet across two floors. The expansion follows the firm's seven-year tenancy in the building, which offers over 65,000 square feet of amenities including dining options, a tenant-only fitness center, conference center, and the Empire Lounge. ESRT highlighted its track record of tenant expansions, noting 293 expansion leases totaling 2.8 million square feet since their IPO.
Empire State Realty Trust (ESRT) announced that Bloomsbury Publishing has signed a new 24,209 square foot lease for office space at 1359 Broadway. The property, located in the Broadway Pedestrian Plaza, offers modern amenities including a 170+ person tenant lounge, access to a future rooftop lounge, and proximity to major transportation. Bloomsbury's president, Sabrina McCarthy, cited the building's modern look, security, sunlight, and customized space as key factors in their decision. The publishing house, known for the Harry Potter series, was previously a tenant at 1400 Broadway.
Empire State Building (ESB) has unveiled the Empire Lounge, a new 10,000 square foot amenity space on the building's Club Level. This addition brings the total tenant-exclusive amenities to 65,000 square feet. The Empire Lounge features:
- A 400-person town hall meeting space
- A basketball/pickleball court
- Two golf simulators
- Varied seating areas and phone booths
These new amenities complement existing offerings such as a 15,000 square foot Fitness Club, a conference center, and seven in-building food and beverage options. ESRT has invested over $650 million since 2008 in modernizing the Empire State Building, resulting in strong leasing with 93.4% occupancy as of June 30, 2024.
Empire State Realty Trust (ESRT) has achieved the highest possible Global Real Estate Sustainability Benchmark (GRESB) 5 Star Rating for the fifth consecutive year, scoring 93 points. ESRT ranked first among all listed companies in the Americas and topped the most competitive peer group in the U.S.
ESRT excelled in the performance component, which includes risk assessment, energy, greenhouse gas emissions, water, and waste categories. The company also received top scores globally in leadership, policies, reporting, stakeholder engagement, targets, tenants and community, data monitoring and review, and building certification categories.
ESRT achieved carbon neutrality across its portfolio in January 2022 and aims for Net Zero carbon emissions with an 80% reduction in operational emissions at the Empire State Building by 2030 and throughout the portfolio by 2035.
The Empire State Building hosted its 46th Annual Run-Up, presented by Starbucks and powered by the Challenged Athletes Foundation (CAF). Over 650 runners from around the world raced up 1,576 stairs to the 86th Floor Observatory. Ryoji Watanabe of Japan won the Men's Elite heat with a time of 10:34, while Monica Carl of Germany won the Women's Elite heat in 13:30.
The event included various heats for building tenants, media members, and real estate brokers. Starbucks, which has a new Reserve® flagship store in the building, served as the presenting sponsor. CAF, the official charity partner, included athletes with permanent physical disabilities. The Empire State Building lit its tower green to celebrate the event.
Empire State Realty Trust (ESRT) has welcomed four new tenants to its retail portfolio and plans to open a new ticketing center at the Empire State Building Observatory. New tenants include:
1. Alidoro: Italian sandwich shop at Empire State Building (1,156 sq ft)
2. Roppongi 37: Omakase restaurant at 501 Seventh Ave (805 sq ft)
3. Wells Fargo: Financial services at 1350 Broadway (3,587 sq ft)
4. Dave & Adams: Trading card company at 1350 Broadway (4,944 sq ft)
The new 2,174 sq ft ticketing center at the Empire State Building Observatory is set to open in 2025, aiming to improve guest experience at the attraction recently named #1 in the world by Tripadvisor's 2024 Travelers' Choice Awards.
Empire State Realty Trust (NYSE: ESRT) has announced the dates for its third quarter 2024 earnings release and conference call. The company will release its financial results on Monday, October 21, 2024, after the close of markets on the New York Stock Exchange. A conference call will be held on Tuesday, October 22, 2024, at 12:00 p.m. Eastern Time.
During the conference call, company officers will review third quarter performance, discuss recent events, and conduct a question-and-answer period. The earnings release, supplemental information, and investor presentation will be available on the company's website prior to the call. A live webcast and replay of the call will be accessible through the company's website. Telephone participation details and playback information are provided for both domestic and international callers.
Empire State Realty Trust (ESRT) and Empire State Realty OP (ESROP) have received notices from the NYSE and NYSE Arca, respectively, for non-compliance with listing standards due to delayed filing of their Q2 2024 Form 10-Q. The delay stems from Ernst & Young's identification of control deficiencies in the design of certain IT general controls relevant to financial statement preparation. Both issuers have six months to regain compliance by filing the Form 10-Q, with a possible additional six-month extension. Failure to comply could lead to suspension and delisting procedures. The companies are working diligently with EY to complete the assessment and file the Form 10-Q as soon as possible.
Empire State Realty Trust (ESRT) has secured two new full-floor office leases at 1350 Broadway, totaling 49,095 square feet. The William Carter Company (Carter's), a children's apparel company, leased 24,592 square feet, while ad tech company Equativ took 24,503 square feet. The building offers access to ESRT's Broadway Campus amenities, including a new tenant lounge and a future rooftop lounge. Located on the Broadway Pedestrian Plaza, 1350 Broadway provides convenient access to transportation, dining, and retail. ESRT's Executive VP of Real Estate, Thomas P. Durels, highlighted the company's strong balance sheet, prime locations, and indoor environmental quality as key factors in attracting high-quality tenants.
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