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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.
The Empire State Building (ESB) has been recognized as the top attraction in the U.S. and third worldwide in Tripadvisor's 2022 Travelers' Choice Awards. This accolade stems from extensive user-generated reviews, celebrating the building's renovated Observatory Experience, which included a $165 million investment. The ESB's observatory is seeing increasing visitor numbers as travel restrictions ease. To commemorate this recognition, the tower was illuminated in Tripadvisor Green on June 15.
Empire State Realty Trust (NYSE: ESRT) announced that Christina Chiu, EVP and CFO, along with Tom Durels, EVP of Real Estate, will present at the Nareit REITweek 2022 investor conference on June 7, 2022, from 4:30 p.m. to 5:00 p.m. Eastern Time. The presentation will be available via webcast in listen-only mode on the Company’s website. A replay will be accessible until July 7, 2022. Empire State Realty Trust manages a portfolio of office, retail, and multifamily properties, including the iconic Empire State Building.
The Empire State Building (ESB) has launched a two-month "Stranger Things" themed experience featuring a dynamic light show on its southern façade and a life-size Demogorgon photo opportunity on the 86th Floor Observatory. The event, which began on May 26, 2022, includes appearances from cast members and aims to enhance visitor engagement. The ESB recently underwent a $165 million reimagination, improving its observatory experience with a new entrance and interactive museum. ESB continues to attract over 4 million visitors annually, highlighting its status as a leading attraction in New York City.
Empire State Realty Trust (NYSE: ESRT) has signed a lease with SESAC MUSIC GROUP for the entire 24th floor at 250 West 57th Street, totaling 12,611 square feet. This move highlights the building's appeal, enhanced by sustainability practices and superior amenities. SESAC's CEO praised the location for its convenient access to transport and dining. The property has been transformed into a boutique office space, benefiting from a flight to quality. ESRT's portfolio comprises approximately 9.4 million rentable square feet of office space, with growing interest in high-quality real estate.
Empire State Realty Trust (NYSE: ESRT) has announced three new leases at 1359 Broadway. Calzedonia signed for 10,492 square feet, BMR Energy expanded to 4,049 square feet, and Converge Technology Solutions leased 4,865 square feet. Totaling nearly 20,000 square feet, these leases reflect a continued interest in quality office space in Manhattan. The building offers modern efficiencies and is well-located with access to public transportation and amenities.
Empire State Realty Trust (NYSE: ESRT) announced the launch of the Empire Building Playbook, a free online resource aimed at achieving net zero retrofits in commercial buildings. The initiative, co-developed with NYSERDA and supported by notable NYC landlords and the Clinton Global Initiative, outlines a step-by-step process for landlords and tenants to significantly reduce greenhouse gas emissions. The Playbook projects a 75-90% reduction in emissions with a 4-8 year payback period through energy-efficient upgrades. The guide will be continuously updated with new case studies and best practices.
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