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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 Realty Trust (NYSE: ESRT) announced a community solar project at its office property, 500 Mamaroneck Avenue, Harrison, N.Y. This initiative will require zero capital investment from ESRT and is expected to generate substantial revenue over the next 25 years, with over 40% of credits used for powering the building. The project includes a parking canopy solar array, an 8.2-MWh battery storage system, and 80 EV charging stations. This sustainable move is anticipated to enhance tenant experience and support ESRT's goal of achieving net-zero carbon emissions by 2035.
Empire State Realty Trust (NYSE: ESRT) announced that Signature Bank has expanded its office space at 1400 Broadway, increasing its footprint by 32,927 square feet, bringing the total to 313,109 square feet. This marks the third expansion for Signature Bank at this location, following a January 2022 increase of 168,310 square feet. Signature Bank's decision reflects ESRT's reputation for energy efficiency and quality indoor environments. The building offers amenities including a tenants-only lounge and assembly space, advantageous for tenants seeking quality office environments.
Empire State Realty Trust (NYSE: ESRT) announced it will release its Q1 2022 financial results on April 27, 2022, post-market. A conference call will follow on April 28, 2022, at 12:00 p.m. ET, where management will review performance and engage in a Q&A. The earnings release, supplemental information, and presentations will be available on their website. The company, known for owning the Empire State Building, manages a portfolio including 9.4 million square feet of office and 700,000 square feet of retail space in the New York area.
Empire State Realty Trust (NYSE: ESRT) announced a new lease with Progyny, Inc., a fertility benefits company, for 70,573 square feet at 1359 Broadway. The lease covers three floors, with occupancy planned in late 2022 and early 2024. The property is positioned in a modernized building with outstanding energy efficiency and indoor environmental quality. This addition enhances ESRT's tenant roster, showcasing its appeal to high-quality tenants. The press release emphasizes the firm's commitment to maintaining a premier property portfolio in New York City.
The Empire State Building (ESB) has announced a unique Valentine's Day partnership with Tiffany & Co., offering romantic experiences for couples. The 'Happily Ever Empire' engagement package includes priority access to observatories, Champagne, and special gifts like a Tiffany mug set, priced at $1,000. For the first time, ESB will light up in Tiffany Blue on February 14 to celebrate love. Additionally, a floral pop-up by Hometown Flower Co. will be available for visitors from February 10 to 14. This initiative aims to enhance the building's romantic image, attracting more visitors this Valentine's season.
Empire State Realty Trust (NYSE: ESRT) has announced the signing of three new retail leases at its NYC properties: AT&T Mobility, Subway, and Le Café Coffee. This strategic move enhances ESRT's portfolio in high-traffic areas, suggesting strong tenant demand. AT&T's lease covers 3,077 square feet, while Subway occupies 600 square feet, and Le Café Coffee has a 731 square foot space. These additions not only improve ESRT's retail offerings but also affirm its commitment to quality tenants, vital for supporting its office clientele.
Empire State Realty Trust (NYSE: ESRT) announced the 2021 tax treatment for its Class A common stock distributions. The company reinstated its dividend for the second, third, and fourth quarters after suspending it in Q1 2021. Shareholders received a total distribution of $0.105 per share, with various components reported for tax filing purposes. Investors are encouraged to seek advice from tax professionals regarding their specific tax implications. The portfolio includes 9.4 million rentable square feet of office space and the iconic Empire State Building.
Empire State Realty Trust (NYSE: ESRT) has appointed Jordan Berger as the new vice president of leasing, bringing nearly 20 years of real estate experience. He will manage leasing for ESRT's Manhattan office portfolio and enhance tenant relationships. Previously, Berger was first vice president at RXR Realty, overseeing a substantial portfolio. His appointment aligns with ESRT's strategic focus on sustainability, energy efficiency, and increasing occupancy rates. The company, known for its iconic buildings, continues to be a leader in healthy buildings and has a diverse portfolio totaling approximately 9.4 million rentable square feet.
Empire State Realty Trust (NYSE: ESRT) has been awarded a grant as part of New York State's $50 million Empire Building Challenge, aimed at reducing greenhouse gas emissions by 85% by 2050. The funding supports ESRT's ongoing commitment to carbon neutrality, particularly through its innovative deep energy retrofits that previously achieved a 40% reduction in energy use and 54% in emissions at the Empire State Building. With a goal of net-zero emissions by 2030 for the Empire State Building and 2035 across its portfolio, ESRT is positioned as a leader in sustainable building practices.
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