Empire St Rlty Tr Inc Stock Price, News & Analysis

Empire State Realty Trust (NYSE: ESRT) announced that Leslie D. Biddle will resign from its Board of Directors effective January 16, 2023, to join the U.S. Department of Energy. Biddle expressed gratitude for her experience at ESRT, highlighting the company's leadership in sustainability and energy efficiency. President Anthony Malkin acknowledged her invaluable contributions and stated a search for her replacement is underway. ESRT is a leading REIT managing office, retail, and multifamily properties primarily in Manhattan, known for the iconic Empire State Building.

Empire State Realty Trust (NYSE: ESRT) announced the addition of Calzedonia USA, an Italian legwear and beachwear brand, to its retail portfolio at 1333 Broadway. This new lease, covering 902 square feet, completes the full leasing of all retail spaces at the location. Positioned on the Broadway pedestrian plaza, 1333 Broadway benefits from significant foot traffic and is accessible to major transport hubs. This development underscores ESRT's strategy of attracting high-quality tenants to its well-located retail spaces.

Empire State Realty Trust (NYSE: ESRT) announced significant updates regarding its operations. The company acquired a multifamily asset at 298 Mulberry Street in Manhattan for $115 million, expanding its portfolio with 96 residential units and retail space. Additionally, it sold a non-core office asset at 10 Bank Street for $42 million, with plans to use proceeds to fund the new acquisition. The firm also reported increased attendance at its Empire State Building Observatory and continued share repurchases totaling $277.4 million.

The Empire State Building (ESB), in partnership with iHeartMedia (IHRT), is launching its annual holiday music-to-light show featuring songs from the Backstreet Boys' new album, "A Very Backstreet Christmas." The light show will premiere on Dec. 19 and continue nightly through Dec. 25, synchronized with a broadcast at 7 p.m. EST on select iHeartRadio stations. The event aims to unite fans worldwide and continues the ESB's tradition of spreading joy during the holiday season.

Empire State Realty Trust, Inc. (NYSE: ESRT) has appointed Christina Chiu as Chief Operating Officer while she retains her role as Chief Financial Officer. Chiu, who joined ESRT in 2020, will oversee multiple areas, including financial reporting and investor relations. Her previous experience includes 18 years at Morgan Stanley. ESRT’s Chairman noted her contributions are crucial for stakeholder value enhancement and operational efficiencies. The company focuses on leveraging its strong balance sheet and modernized assets to pursue growth.

The Empire State Building (ESB) has launched its festive season with extravagant holiday decorations and events, starting November 28 through December 30. The observatory features a reimagined experience with a $165 million upgrade, including a new guest entrance and immersive exhibits. Guests can enjoy holiday music from professional pianists on weekdays and visit Santa on December 4. Additionally, the new Starbucks Reserve offers dining options. The iconic tower will be lit for various holidays, enhancing the festive ambiance for over 4 million annual visitors.

Empire State Realty Trust (NYSE: ESRT) has successfully signed a lease with the national jewelry brand Pandora, ensuring that its retail property at 112 W. 34th Street remains 100% leased. The new store will replace a previous lease held by Swatch. This strategic move further positions ESRT within a high-traffic shopping area, alongside established brands like Sephora and Target. ESRT is recognized for its strong retail portfolio and commitment to sustainability, owning approximately 9.2 million rentable square feet in New York City.

Empire State Realty Trust (NYSE: ESRT) has introduced honeybee hives at several properties, including the Empire State Building, as part of its sustainability efforts. The initiative aims to help recover honeybee populations, vital for pollination, and will produce locally sourced honey for tenants. Each hive can house up to 50,000 bees, with a focus on engaging tenants in sustainability practices. This project reflects ESRT's commitment to environmental responsibility and follows its achievement of carbon neutrality in 2022. Honey harvested from these hives will be distributed at events in November.