Empire State Realty Trust held its Q2 earnings call to highlight new office leases, its strong and flexible balance sheet, and Empire State Building Observatory performance.
After the call, ESRT Chairman and CEO Tony Malkin joined CNBC’s “The Exchange” to discuss the Empire State Building’s leased percentage and the resiliency of New York City.
Leasing Wins
EVP, Real Estate Thomas P. Durels announced on the call that ESRT signed more than 221 thousand rentable square feet of leases in its Manhattan portfolio, and increased its leased percentage to 93.8%. The total commercial portfolio is 92.9% leased as of June 30, 2025.
Some notable leases included:
- A 14-year 39,610 square foot expansion lease with an investment management tenant at One Grand Central Place.
- A 12-year 39,237 square foot new lease with Elsberg Baker & Maruri at the Empire State Building.
- An 11-year 25,372 square foot new lease with Mott MacDonald Group at the Empire State Building.
- A 12-year 24,212 square foot renewal lease with SLCE Architects at 1359 Broadway.
The company also noted that it closed on the previously announced acquisition of a retail asset in Williamsburg, Brooklyn.
Observatory Performance
In Q2, Empire State Building Observatory revenue per visitor increased by 2.3% year over year, with NOI of $24.1 million.
View the full earnings report here.
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