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

Get referred to Empire State Realty Trust

See people who can refer or advise you

Simplify Jobs

Simplify's Take

What believers are saying

  • Q2 2026 commercial leasing hit 381,799 square feet, ESRT's strongest new-leasing volume since 2021.
  • 111 West 33rd Street reached 100% occupancy after Instacart and Hansa Biopharma leases.
  • ESRT secured a $245 million delayed-draw loan in 2026, pushing debt maturity to 2028.

What critics are saying

  • Q2 2026 observatory NOI fell to $12.4 million as international tourism weakened.
  • Same-store cash NOI fell 3.2% adjusted in Q2 2026 from free rent and expenses.
  • ESRT's 89.4% occupied commercial portfolio leaves Manhattan office dependence exposed to 2027 renewals.

What makes Empire State Realty Trust unique

  • Empire State Building Observatory gives ESRT unmatched brand traffic and premium tenant marketing.
  • LEED v5 Platinum at Empire State Building proves sustainability leadership tenants can verify.
  • Manhattan concentration and high-traffic retail create scarcity value competitors cannot replicate.

Help us improve and share your feedback! Did you find this helpful?

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

↑ 9%

1 year growth

↑ 9%

2 year growth

↑ 9%
EAA
Sep 22nd, 2026
Dine inside the Empire State Building with exclusive private events.

Dine inside the Empire State Building with exclusive private events. By E-A-A / September 22, 2026 The experiential dining company Resident has formed an exclusive partnership with Empire State Realty Trust to host private culinary events. These bespoke gatherings will take place across legendary properties, bringing a fresh wave of innovation to the commercial real estate sector. This collaboration aims to merge high-end, immersive dining experiences with some of the city's most famous architectural landmarks. By unlocking spaces rarely used for private dining, the initiative sets a new standard for luxury hospitality. Table of Contents Elevating urban spaces through gastronomy. The partnership grants Resident access to host private events across distinct commercial assets, most notably the Empire Lounge at the Empire State Building. Fans of architecture articles will appreciate how this strategy activates historically significant spaces. A new era for landmark properties. Integrating high-end dining into iconic towers transforms how people interact with commercial architecture. For more insights, explore its informational guides on modern property usage. Corporate clients and luxury consumers alike gain insider access to stunning urban vantage points. This trend highlights a broader industry shift toward experiential entertainment. World-Class culinary talent. Resident brings its deep expertise in curating underground supper clubs and private chef experiences to these venues. Diners can expect intimate, multi-course menus crafted by world-class culinary talents from Michelin-starred backgrounds. Curating unforgettable guest experiences. Every gathering is designed to foster genuine human connection through exceptional storytelling and food. Enthusiasts of home design and luxury interiors will find plenty of inspiration in these exclusive settings. Ultimately, this alliance highlights how modern portfolios leverage hospitality to drive tenant engagement. It brilliantly bridges the gap between legendary real estate and cutting-edge dining culture. Additional Reading:

The Real Deal
Aug 26th, 2026
Joseph Sitt, partner face foreclosure from Rialto in Soho.

Joseph Sitt, partner face foreclosure from Rialto in Soho. Landlords allegedly defaulted on $15M mortgage at 350 West Broadway Days after picking up one Manhattan building, Thor Equities' Joseph Sitt may be in danger of losing another. Special servicer Rialto Capital Advisors filed to foreclose on 350 West Broadway in Soho, Crain's reported. Ownership allegedly defaulted on a $15 million mortgage tied to the property's commercial space, according to the Manhattan Supreme Court filing. There's uncertainty around the ownership of the building. Sitt and Elyahu Cohen were named as the guarantors of the debt, but Sitt is reportedly only a minority owner of the property. Joey Cohen's Regal Ventures may be the majority owner of the building, though the firm claims to only be a property manager, not an owner. Regardless, there's a small paper trail linking the property to Sitt and Elyahu Cohen. After RFR sold the retail space in 2013 for $24.5 million, Sitt and Elyahu Cohen appeared on a 2020 document in city records tied to the refinancing of the mortgage. The property as a whole stands 10 stories tall, tucked between Broome and Grand streets. It was redeveloped in 2008 to include 14,000 square feet of commercial space and seven residential condos on the upper levels. Amazon's AWS Startup Loft occupied the commercial space for several years, hosting a networking and event hub for entrepreneurs and software developers, according to Fitch Ratings. It left nine months ahead of its 2024 lease expiration, leaving the space largely vacant ever since. Just last week, Thor purchased the property at 1359 Broadway from Empire State Realty Trust for $218 million. The deal for the 486,000-square-foot building breaks down to more than $448 per square foot. Thor previously made big news in March when it purchased the fully leased, 58,000-square-foot office and retail building at 1165 Broadway in the NoMad district from David Haddad for $56 million.

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

Recently Posted Jobs

Sign up to get curated job recommendations

Empire State Realty Trust is Hiring for 8 Jobs on Simplify!

Find jobs on Simplify and start your career today

Don't see your dream role? Check out thousands of other roles on Simplify. Browse all jobs →