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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 the renewal of Ernest Klein & Co. Gourmet Foods' lease for 6,927 square feet at 77 West 55th Street. This partnership has existed for over 20 years, highlighting the stability of this supermarket in the local community. ESRT manages a portfolio of 10.1 million rentable square feet, encompassing both office and retail spaces. The company has recently emphasized its commitment to sustainability, achieving a GRESB 5 Star Rating, ranking it among the top 20% in sustainability performance for real estate.
The Empire State Building will participate in President-Elect Biden's COVID-19 memorial by displaying a red heartbeat lighting on January 19, from 5:30 p.m. to 2 a.m. This symbolic act aims to honor the lives lost to the pandemic and support emergency workers. The building has also reopened its Observatory Experience, enhancing its role as a symbol of resilience. Empire State Realty Trust (ESRT), which owns the building, continues investments in sustainability and has maintained high ratings in energy efficiency. The Empire State Building ranks as a top travel destination globally.
Empire State Realty Trust (NYSE: ESRT) announced the renewal of Trexquant Investment's lease at First Stamford Place for 9,805 square feet. Jeffrey H. Newman, senior vice president of ESRT, highlighted the firm's WELL Health-Safety Rating and a GRESB 5 Star Rating, demonstrating its commitment to indoor environmental quality. The company manages a portfolio covering 10.1 million rentable square feet, including 14 office properties across New York and Connecticut. ESRT's achievements in sustainability place it in the top 20% of real estate firms globally.
Empire State Realty Trust (NYSE: ESRT) has secured an eleven-year lease with ClearView Healthcare Partners for 39,067 square feet at 111 West 33rd Street, recapturing space from a previous tenant. This lease reflects ClearView's expansion from their existing 10,539 square feet. ESRT's portfolio is the first in North America to achieve the WELL Health-Safety Rating, underscoring its commitment to indoor environmental quality. As of September 30, 2020, ESRT's portfolio totals 10.1 million rentable square feet, including 9.4 million square feet across 14 office properties.
Empire State Realty Trust (NYSE: ESRT) announced that six properties have achieved Fitwel certification, representing 6.7 million square feet or 83% of its NYC portfolio. Fitwel, a health certification system, is backed by the CDC and GSA, promoting health in buildings. Key properties like the Empire State Building received Fitwel ratings due to health and sustainability achievements. ESRT is also the first in the U.S. to earn WELL Health-Safety Rating, enhancing operational policies for health safety. Additionally, ESRT achieved a GRESB 5 Star Rating in its first assessment, ranking in the top 20% globally.
Empire State Realty Trust (NYSE: ESRT) announced a new repurchase authorization of up to $500 million for its Class A common stock and certain operating partnership units, valid from January 1, 2021, to December 31, 2021. This replaces a previous $500 million plan under which $143 million was repurchased. The board also suspended dividends for Class A and Class B common stock for the first half of 2021 while declaring dividends of $0.15 and $0.175 for preferred units. ESRT continues to focus on operational sustainability, achieving top rankings in the GRESB assessment.
Empire State Realty Trust (NYSE: ESRT) has appointed Grant H. Hill to its Board of Directors, effective November 30. Hill fills a newly created vacancy, expanding the Board from eight to nine members. He brings extensive experience from his role as Vice Chairman of the Atlanta Hawks and his investment firm with over $200 million in commercial real estate. Hill's expertise in branding and entrepreneurial ventures is expected to enhance the Company’s brand development, particularly in its Observatory business.
Empire State Realty Trust (NYSE: ESRT) achieved a GRESB 5 Star Rating and Green Star recognition with a score of 88 in the 2020 GRESB Real Estate Assessment, placing it in the top 20% of respondents. This accomplishment marks ESRT's first participation in GRESB, reflecting over a decade of sustainable practices. The company exceeded peer averages by approximately 10 points and the global average by nearly 20 points. Additionally, ESRT is the first U.S. commercial real estate portfolio to earn the WELL Health-Safety Rating, underscoring its commitment to health, safety, and sustainability.
The Empire State Building (ESB) has announced its holiday festivities for 2020, featuring special attractions at its Observatory. Visitors purchasing tickets will enjoy views and a unique 3D LEGO Star Wars display. From November 30 to December 1, families can have holiday portraits taken with the ESB as a backdrop. With a $165 million revamped experience and new safety measures, including timed ticketing, the ESB aims to enhance visitor experience while ensuring safety. The building will also be adorned with festive decorations and lights throughout the holiday season.
Empire State Realty Trust (NYSE: ESRT) closed a $180 million mortgage loan for its property at 250 West 57th Street in Manhattan. The interest-only loan features a fixed rate of 2.83% and matures in December 2030. This financing reinforces ESRT's asset quality and capital market access. Proceeds will enhance liquidity and balance sheet flexibility. The company operates numerous properties in Manhattan and the broader New York area, focusing on energy efficiency and sustainability.
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