Empire State Realty Trust held its Q4 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 real estate stocks, leasing activity in New York City, and more.
Leasing Wins
ESRT announced that it signed 458,473 rentable square feet of commercial leases in the fourth quarter, which brought the total commercial portfolio to 93.6% leased. The company also announced that it has transitioned to a 100% NYC portfolio with the disposition of its last suburban office asset.
Some notable leases included:
• A 10-Year 46,437 square foot early renewal retail lease with TJ Maxx at 250 West 57th Street.
• A 7-year 41,835 square foot early renewal office lease with Nespresso at 111 West 33rd Street.
• A 16-year 35,629 square foot expansion office lease and a 170,763 square foot early renewal at 1400 Broadway with Burlington Stores, Inc.
Observatory Performance
The Empire State Building Observation Deck generated NOI of $24.4 million in the fourth quarter, and $90.1 million for the full year.
View the full earnings report here.
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