Empire State Realty Trust Announces 100k Square Feet of New Transactions at the Empire State Building

Rhea-AI Summary

Empire State Realty Trust (NYSE: ESRT) announced the leasing of approximately 100,000 square feet at the Empire State Building (ESB) between late 2022 and early 2023. This includes a significant 16-year lease of 65,000 square feet by a North American engineering firm, alongside OFS Brands and Resolution Life, Inc., which signed leases totaling 23,500 square feet. The new tenants were attracted by ESB's sustainability practices, extensive amenities, and strategic location in New York City. The engineering firm's identity will be disclosed by March 2023.

Positive

• Signed new leases for approximately 100,000 square feet at ESB.
• A North American engineering firm committed to a significant 16-year lease of 65,000 square feet.
• OFS Brands and Resolution Life, Inc. added 23,500 square feet to the tenant roster.
• Attractiveness of ESB boosted by sustainability practices and various on-site amenities.

Negative

• None.

100,000 Square Feet Leased at ESB

NEW YORK--(BUSINESS WIRE)-- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed new leases for approximately 100,000 square feet at the Empire State Building (ESB) in late Q422 and early 2023. In January, an important North American engineering firm leased 65,000 square feet for 16 years, and OFS Brands and Resolution Life, Inc. signed leases for a combined 23,500 square feet in December 2022. Additional leases signed with new tenants bring the total to approximately 100,000 square feet leased at the “World’s Most Famous Building.”

Empire State Realty Trust Announces 100k Square Feet of New Transactions at the Empire State Building (Photo: Business Wire)

OFS Brands, headquartered in Indiana, will relocate to the 59^th floor of ESB and will utilize ESRT’s turnkey services to custom build their new space.

“We are thrilled to partner with Empire State Realty Trust due to their commitment to sustainable practices and achievement of carbon neutrality, as this completely aligns with OFS’s business that has a deep respect for the natural world,” said OFS SVP, sales and marketing, Ryan Menke. “We are delighted by ESRT’s industry-leading sustainability strategy, which will foster and maintain our mission of pioneering environmentalism in the furniture production industry.”

Resolution Life, Inc. decided to open its first New York City office space at ESB. The life insurance group will occupy a pre-built, furnished space on the 60^th floor.

“We are very excited to locate our New York office at the Empire State Building,” said Resolution Life US CEO Conor Murphy. “As one of the most iconic buildings in the world, and one with a focus on environmental sustainability, it will be an ideal setting for us to continue our company’s growth. We look forward to partnering with Empire State Realty Trust for many years to come.”

The engineering firm’s identity will be released after it informs its employees, expected by March 2023.

Located in the heart of New York City, ESB is a fully modernized icon with more than 65,000 square feet of amenities that includes a tenant-only fitness center and conference center; eight in-building dining options that includes the brand-new, three-story Starbucks Reserve; and will include a 400+ person all-hands space with basketball/pickleball courts and golf simulators soon to come.

"We are pleased to welcome these new tenants to the ‘World’s Most Famous Building’ as they join our prestigious tenant roster,” said Thomas P. Durels, EVP, real estate at Empire State Realty Trust. “These organizations were attracted to the Empire State Building’s convenient location, industry-leading sustainability practices, extensive amenities, and turnkey services to deliver move-in ready space.”

Ed Wartels and Justin Halpern of Cushman and Wakefield represented OFS Brands in lease negotiations. Scott Brown and Owen Reda of Newmark represented Resolution Life, Inc. David Goldstein and Dina Zavislak of Savills represented the engineering firm. Ryan Kass, Jordan Berger and Shanae Ursini of Empire State Realty Trust and Scott Klau, Erik Harris, and Neil Rubin of Newmark represented the property owner.

More information about Empire State Building, and current availability, can be found online. Property and amenity photos can be found here.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the iconic Empire State Building – “the World’s Most Famous Building” – and the newly reimagined Empire State Building Observatory that was named #1 attraction in the US, and #3 in the world, in Tripadvisor’s 2022 Travelers’ Choice Awards: Best of the Best. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2022, ESRT's portfolio is comprised of approximately 8.9 million rentable square feet of office space, 741,000 rentable square feet of retail space and 721 residential units across three multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” or the negative of these words 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 ESRT’s control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT’s and ESROP’s filings with the SEC, including those set forth in each of ESRT’s and ESROP’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors.” Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Source: Empire State Realty Trust, Inc.

Category: Leasing

View source version on businesswire.com: https://www.businesswire.com/news/home/20230215005866/en/

MEDIA CONTACT:

Empire State Realty Trust

Jamie Steinberg

213-400-3339

jsteinberg@esrtreit.com

Source: Empire State Realty Trust, Inc.

FAQ

What recent leasing activity has ESRT reported at the Empire State Building?

ESRT reported leasing approximately 100,000 square feet at the Empire State Building, including a 16-year lease by a North American engineering firm for 65,000 square feet.

Who are the new tenants leasing space from ESRT?

The new tenants include a North American engineering firm, OFS Brands, and Resolution Life, Inc., which collectively leased around 100,000 square feet.

What is the significance of ESRT's leasing at the Empire State Building?

The leasing activity signifies strong demand for office space in a prestigious location, reflecting confidence in ESRT's sustainability practices and extensive amenities.

When will the identity of the engineering firm leasing from ESRT be released?

The identity of the engineering firm is expected to be disclosed by March 2023.