Aerial view of the Empire State Building at dusk


Points on the Board: ESRT Reports Strong Leasing Activity and Observatory Visitation in Q3 2023

October 30, 2023

Empire State Realty Trust held its quarterly earnings conference call and cited strong leasing statistics and Observatory revenue on Oct. 26. The REIT highlighted the advantages of its pure play New York City portfolio that consists of office, observatory, retail, and multifamily properties; its laser-focused approach to drive shareholder value; and notable achievements and awards for the Empire State Building and the portfolio. 

See highlights from the investor call below! 

Leased and Occupancy Rates Increase

Tom Durels, executive vice president, real estate at ESRT, noted in the earnings report that the company outperformed its peers with increases in both the leased and occupancy rates in its New York City office portfolio at 91.9% and 87.8%, respectively. Throughout the third quarter, ESRT signed a quarter of a million rentable square feet of new, renewal, and expansion leases.  

Starbucks Joins the Office Roster

ESRT noted that Starbucks signed a new lease for a full-floor, 24,640 square foot office space at the Empire State Building. The company will relocate from its only New York City office to the iconic building, where it currently operates two different retail concepts which include a café and the new, three-story Starbucks Reserve Empire State Building. 

Tony Malkin Makes the Exchange

ESRT’s Chairman, President, and CEO Tony Malkin joined The Exchange on CNBC just after the earnings call to discuss the company’s outstanding performance, the resiliency of the commercial real estate market, and the state of New York City office occupancy. Watch the full video above! 

Learn more about ESRT's Q3 leasing and earnings!

Press Release