Empire State Realty Trust

Empire State Realty Trust

Leases energy-efficient office and retail space

Overview

Empire State Realty Trust is a real estate investment trust that owns, manages, and operates a portfolio of office, retail, and some residential properties in Manhattan and the New York metropolitan area, including the Empire State Building. It earns revenue by leasing space for offices, retail, and housing, and by drawing tourist-related income from its landmark assets, while focusing on energy-efficient, healthy environments. It differentiates itself with a NYC-centric location strategy, sustainability focus, and ownership of iconic properties that combine commercial and tourism income streams. Its goal is to provide healthy, modern spaces for tenants and visitors and to deliver steady rental income and long-term value growth for shareholders.

Significant Headcount Growth

About Empire State Realty Trust

Simplify's Rating
Why Empire State Realty Trust is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Real Estate

Company Size

201-500

Company Stage

IPO

Headquarters

New York City, New York

Founded

2011

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Simplify's Take

What believers are saying

  • July 29, 2026 ESRT signed Instacart, UTA, and Landmark leases across Manhattan.
  • Q2 2026 same-store property cash NOI rose 3.3%, proving pricing power.
  • 43rd Street retail and Williamsburg acquisitions broaden growth beyond the Empire State Building.

What critics are saying

  • Q2 2026 occupancy was 89.4%, exposing ESRT to costly downtime and concessions.
  • July 2026 left $2.3 billion debt and 6.3x net debt-to-EBITDA leverage.
  • Soft international tourism already pressured observatory visitation; a NYC recession would hammer rents and cash flow.

What makes Empire State Realty Trust unique

  • ESRT’s Empire State Building earned LEED v5 Platinum on December 9, 2025.
  • June 2026 Platinum Green Lease Leader status spans 100% of ESRT’s portfolio.
  • Manhattan transit-adjacent assets and observatory cash flow diversify leasing and tourism revenue.

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Funding

Total Funding

$1.3B

Above

Industry Average

Funded Over

4 Rounds

Post IPO Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Debt Funding Comparison
Coming Soon

Benefits

Health/Dental/Vision insurance

401(k) with 100% match up to 5%

Paid parental leave

Pre-tax transit accounts

Employee Assistance Program for emotional, financial, and legal support

Generous paid time off

Flex remote work time

Flex Summer Fridays

Complimentary Empire State Building Observatory access

Complimentary gym membership and other wellness benefits

Health Insurance

Dental Insurance

Vision Insurance

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

8%

1 year growth

8%

2 year growth

8%
Associated Press
Jul 20th, 2026
Instacart signs 26,134 sq ft lease at Empire State Realty's 111 W. 33rd Street building

Empire State Realty Trust has signed a new office lease with grocery technology app Instacart for 26,134 square feet at 111 W. 33rd Street in New York City. The deal, completed in the second quarter, brings the building to 100% occupancy following an additional 7,052 square-foot lease with Hansa Biopharma in the third quarter. Located near Penn Station and Madison Square Garden, the building houses tenants including Nespresso and ESRT's corporate headquarters. The company also announced that 1350 Broadway reached full occupancy through 12 new transactions and tenant expansions over the past year. ESRT's portfolio comprises approximately 8.0 million rentable square feet of office space across Manhattan.

StockTitan
Jun 2nd, 2026
Empire State Realty Trust (ESRT) details NOI, EBITDA in new investor presentation.

Empire State Realty Trust (ESRT) details NOI, EBITDA in new investor presentation. Filing Impact Filing Sentiment Rhea-AI Filing summary. Empire State Realty Trust, Inc. furnished an updated investor presentation, dated June 2, 2026, which it plans to use at the Nareit REITweek 2026 Investor Conference. The presentation discusses non-GAAP metrics such as Net Operating Income, Property Cash NOI, Same Store NOI, EBITDA and Adjusted EBITDA, and includes detailed reconciliations to GAAP results. For the quarter ended March 31, 2026, the materials show net income of $2,995, net operating income of 97,492, total cash NOI including Observatory and lease termination fees of 91,571, and Same Store property cash NOI excluding Observatory and lease termination fees of 74,190. EBITDA and Adjusted EBITDA for the same quarter are each reported at 80,289. The presentation also outlines how the company defines Same Store properties and explains the calculation of Net Debt to Adjusted EBITDA, along with standard forward-looking statement cautions. 8-K event classification. 2 items: 7.01, 9.01 Key figures. Net income: $2,995 Net operating income: 97,492 Total cash NOI incl. Observatory and lease termination fees: 91,571 +5 more Key terms. Net Operating Income, Property Cash NOI, Same Store, Adjusted EBITDA, +2 more Don't miss StockTitan's market coverage in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google 06/02/2026 - 03:02 AM Faq. What did Empire State Realty Trust (ESRT) disclose in its latest investor presentation 8-K? Empire State Realty Trust furnished an investor presentation dated June 2, 2026. It plans to use this deck at the Nareit REITweek 2026 Investor Conference and includes non-GAAP metrics definitions, Same Store methodology, and reconciliations from net income to NOI, EBITDA and Adjusted EBITDA. How does ESRT define Net Operating Income and Property Cash NOI in the June 2026 presentation? Net Operating Income excludes financing costs, depreciation, amortization and certain gains or losses. Property Cash NOI further removes Observatory NOI, straight-line rent, fair value lease revenue and straight-line ground rent expense, and may also exclude lease termination fees to focus on recurring cash performance at the property level. What key Q1 2026 figures does ESRT highlight for NOI and Same Store Cash NOI? For the quarter ended March 31, 2026, ESRT reports net operating income of 97,492. Total cash NOI including Observatory and lease termination fees is 91,571, while Same Store property cash NOI excluding Observatory and lease termination fees is 74,190, reflecting performance of properties held across the comparison periods. What are ESRT's reported EBITDA and Adjusted EBITDA for the quarter ended March 31, 2026? For the three months ended March 31, 2026, ESRT reports EBITDA of 80,289. Adjusted EBITDA for the same period is also 80,289, adding back items like gain or loss on property dispositions to provide another view of operating performance and leverage capacity. How does Empire State Realty Trust define Same Store properties as of March 31, 2026? Same Store properties are those owned throughout all periods presented and not held-for-sale. As of March 31, 2026, Same Store excludes several recently acquired or disposed properties, including 86-90 North Sixth Street, 41-55 North Sixth Street, 130 Mercer and Metro Center in Stamford, reflecting a consistent comparison set. What is ESRT's approach to Net Debt to Adjusted EBITDA in the June 2026 materials? Net Debt to Adjusted EBITDA is calculated as gross debt minus cash, divided by trailing twelve months Adjusted EBITDA. The measure excludes EBITDA from recently disposed properties, and includes implied annualized Adjusted EBITDA for certain recent acquisitions financed with debt, aligning with the company's credit facility agreement. Filing exhibits & attachments. 5 documents Press releases.

StockTitan
Mar 16th, 2026
Empire State Realty Trust (ESRT) appoints Jean Sutherland as Chief Accounting Officer.

Empire State Realty Trust (ESRT) appoints Jean Sutherland as Chief Accounting Officer. Filing Impact (Moderate) Filing Sentiment Rhea-AI Filing summary. Empire State Realty Trust, Inc. announced a leadership change in its accounting function. The Board appointed Jean Sutherland as Chief Accounting Officer and principal accounting officer of the company and its operating partnership, effective March 16, 2026. Current Chief Financial Officer Stephen V. Horn will remain CFO and principal financial officer while transferring his Chief Accounting Officer duties to Ms. Sutherland, who will report to him. Sutherland, age 38, has been Vice President of Financial Reporting and Accounting Policy at the company since June 17, 2024, and previously held senior financial reporting and technical accounting roles at WeWork and Ernst & Young. The company expects to enter into a standard officer indemnification agreement with her, and it reports that there are no special appointment arrangements, family relationships, or related-party transactions requiring disclosure. 03/16/2026 - 04:17 PM Faq. What executive change did Empire State Realty Trust (ESRT) announce in this 8-K? Empire State Realty Trust appointed Jean Sutherland as Chief Accounting Officer and principal accounting officer, effective March 16, 2026. She assumes these responsibilities from CFO Stephen V. Horn, who continues as Chief Financial Officer and principal financial officer while Sutherland reports directly to him. What is Jean Sutherland's background before becoming Chief Accounting Officer at ESRT? Jean Sutherland has been ESRT's Vice President, Financial Reporting and Accounting Policy since June 17, 2024. Before that, she spent over seven years at WeWork in senior financial reporting and technical accounting roles, and more than five years at Ernst & Young LLP in Canada and New York. Will Stephen V. Horn remain Chief Financial Officer of Empire State Realty Trust? Yes. Stephen V. Horn will continue serving as Chief Financial Officer and principal financial officer of Empire State Realty Trust. He is relinquishing his Chief Accounting Officer and principal accounting officer responsibilities to Jean Sutherland as of March 16, 2026, while remaining Sutherland's direct manager. Does Empire State Realty Trust plan an indemnification agreement with Jean Sutherland? Empire State Realty Trust expects to enter into an indemnification agreement with Jean Sutherland, substantially in the form used for its other officers. This agreement provides indemnification for certain liabilities and expenses related to actions brought or threatened against her in her capacity as an officer. Are there any related-party or family relationships disclosed for Jean Sutherland at ESRT? The company states there are no arrangements or understandings with other persons behind Jean Sutherland's appointment. It also reports no family relationships requiring disclosure and no direct or indirect material interest in transactions requiring disclosure under Regulation S-K Items 401(d) or 404(a). What securities of Empire State Realty Trust and its operating partnership are listed on exchanges? Empire State Realty Trust's Class A Common Stock is listed on the New York Stock Exchange under symbol ESRT. The operating partnership's Series ES, Series 60, and Series 250 Operating Partnership Units trade on NYSE Arca under symbols ESBA, OGCP, and FISK, respectively. Filing exhibits & attachments. 4 documents

StockTitan
Jan 7th, 2026
Else Nutrition Plans Canadian Market Relaunch in 2026

Else nutrition plans canadian market relaunch in 2026. Rhea-AI summary. Empire State Realty Trust (NYSE: ESRT) signed a lease with Tourneau, LLC to open a 3,767 sq ft Rolex retail store at 86 North Sixth Street in Williamsburg, Brooklyn. The location sits at the southeast corner of Wythe Avenue and North Sixth Street and is part of ESRT's North Sixth Street Collection. The announcement notes Rolex will join existing brands on the block such as COS, Glossier, Everlane, Warby Parker, SUGARFISH, The North Face, Byredo, and Buck Mason. CBRE's Andrew S. Goldberg represented Tourneau; ESRT was represented in-house by Fred C. Posniak and Alec Stone. ESRT said more retail activity is underway and directed interested parties to its online availability listings. 01/07/2026 - 07:30 AM NEW YORK-(BUSINESS WIRE)- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that it signed a new lease with Tourneau, LLC for a 3,767 square foot Rolex retail store at 86 North Sixth Street. The property, located at the southeast corner of Wythe Avenue and North Sixth Street, is part of ESRT's North Sixth Street Collection. "When we first announced our acquisitions on North Sixth Street, many were not aware of the dynamic demand from retailers and customer attraction to the street," said Christina Chiu, president of Empire State Realty Trust. "Williamsburg continues to grow in its importance to retailers and shoppers, and we have a lot more underway there. I urge interested parties to speak to our team, and we will be thrilled to welcome them to our North Sixth Street Collection," said Anthony E. Malkin, chairman and CEO. Rolex joins the North Sixth Street Collection's curated mix of leading brands which include COS, Glossier, Everlane, Warby Parker, SUGARFISH, The North Face, Byredo, and Buck Mason, among others. Andrew S. Goldberg of CBRE represented Tourneau in the deal. ESRT was represented in-house by Fred C. Posniak and Alec Stone. More information about the North Sixth Street Collection, and current retail availability, can be found online. Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the "World's Most Famous Building," features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2025, ESRT's portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20251028962715/en/ What did Empire State Realty Trust (NYSE: ESRT) announce on january 7, 2026 about Williamsburg retail? ESRT announced a lease with Tourneau for a 3,767 sq ft Rolex store at 86 North Sixth Street in Williamsburg. How large is the Rolex retail space leased to Tourneau at 86 North Sixth Street? Which broker represented Tourneau in the tourneau/esrt lease announced january 7, 2026? Who represented Empire State Realty Trust in the Tourneau lease for North Sixth Street? ESRT was represented in-house by Fred C. Posniak and Alec Stone. What other brands are part of ESRT's North Sixth Street Collection alongside Rolex? The Collection includes COS, Glossier, Everlane, Warby Parker, SUGARFISH, The North Face, Byredo, and Buck Mason among others.

CommercialCafe
Dec 29th, 2025
Scholastic & ESRT Close Sale-Leaseback of SoHo Headquarters Office

Scholastic & ESRT close sale-leaseback of SoHo headquarters office. Empire State Realty Trust (ESRT) recently acquired the office property at 555-557 Broadway in New York City. At the start of December, ESRT announced that it had agreed to purchase the property from publishing house Scholastic Inc. for $386 million in an all-cash transaction. Newmark Group, Inc. served as the exclusive real estate advisor to the seller. One of the world's largest publishers and distributors of children's books, Scholastic has been the main occupier in the property and, under the terms of the transaction, will continue operations here through a 15-year lease that also includes extension options. Through the sale-leaseback deal, Scholastic retained use of 222,000 square feet of New York City office space at the property. "We are pleased to welcome Scholastic to our roster of great companies who are our tenants and look forward to our new relationship with them," said Anthony E. Malkin, Empire State Realty Trust's chairman and CEO. "We are excited to bring this combination of contractual revenue, embedded growth, and significant value-creation potential from our ability to market the three uniquely large floors in a more than 110,000-square-feet block." Located in the SoHo submarket of New York City, the property is comprised of two edifices collectively referred to as the Scholastic Building with entrances on both Mercer Street and Broadway. The property at 555 Broadway was completed in the late 1880s as a retail site (Charles Broadway Rouss Wholesale Auction Dry Goods department store) and was later converted to office use 100 years later. The iconic SoHo Cast Iron Historic district building rises 10 stories above Broadway and incorporates nearly 180,000 square feet of highly prized Manhattan office space, in addition to nearly 37,000 square feet of retail. The building at 557 Broadway was a bold headquarters expansion project by Scholastic, completed in 1999. Originally intended to serve as the front door to Scholastic's headquarters, the building includes a nearly 7,000-square-foot store on the ground floor and mezzanine; a 299-seat auditorium inspired by Palladio's 16th-century Teatro Olimpico in Vicenza, Italy; and several 10,000-square-foot floors that align with (and expand by 50%) existing floors at 555 Broadway. Though the office sector continues to face challenges across the country, the Manhattan office market has stood out as the leading bright spot this year. In fact, its national office report found that office space here commanded the highest asking rate for lease, as well as the highest sale price per square foot. What's more, sales of office space in New York City added up to the highest year-to-date total through November, when vacancy was among the lowest in the country, and developers were working on the second-largest supply pipeline nationwide. Ioana is a content writer who has been covering all-things-CRE (and more) for several Yardi network publications since 2017. You will find her byline regularly in industry news and market reports, but also on articles covering sustainable development, green urbanism, and innovation, all of which she has been passionately learning about for more than a decade. Her work has been referenced by publications including AmericanInno, Bisnow, BusinessInsider, Commercial Property Executive, Curbed, Fast Company, Forbes, GlobeSt.

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