Empire State Realty Trust

Name

Empire State Realty Trust

Legal name

Empire State Realty Trust, Inc.

Website

https://esrtreit.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industry

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

Keywords

• Commercial real estate
• Office leasing
• Retail leasing
• Multifamily rentals
• Tourist observatory

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Commercial Office Rent: ESRT generates primary revenue from leasing modernized, amenitized, energy-efficient office space across its Manhattan and Brooklyn portfolio. As of December 31, 2024, the portfolio comprises approximately 7.8 million rentable square feet of office space with 93% leased. Q1 2026 same-store property cash NOI grew 5.5% year-over-year. The Manhattan office portfolio achieved its 19th consecutive quarter of positive mark-to-market rent spreads at 6.8%.
2. Retail Rent: Revenue from leasing retail space across the Manhattan and Brooklyn portfolio, including properties at 10 Union Square East, Williamsburg North Sixth Street Collection, and street-level retail at office properties. Portfolio includes approximately 0.8 million rentable square feet of retail space.
3. Multifamily Residential Rent: Revenue from 732-743 residential units in the New York City portfolio, providing recurring rental income from residential tenants.
4. Observatory Operations: The Empire State Building Observatory generates NOI from ticket sales and visitor experiences. In Q1 2026, the Observatory generated $10.6 million in NOI. The Observatory was completed with a $165 million redevelopment and was named the #1 Top Attraction in the U.S. and #1 in the World in Tripadvisor's Travelers' Choice Awards.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Empire State Realty Trust is a self-managed REIT that owns and operates a portfolio of office, retail, and multifamily properties in Manhattan and the greater New York metropolitan area, anchored by the Empire State Building. It generates revenue by leasing approximately 8.0 million rentable square feet of office space, 0.8 million square feet of retail space, and 743 residential units, and also operates the Empire State Building Observatory, a top-ranked tourist attraction open to the public.

Product overview

Empire State Realty Trust operates a diversified portfolio of office, retail, and multifamily properties in Manhattan and the greater New York metropolitan area, centered around the iconic Empire State Building. The company's offerings include commercial leasing (office, retail, multifamily), the Empire State Building Observatory experience, tenant services through the ESRT+ app, TurnKey pre-built office suites, and premium amenities through the Club Level. ESRT positions itself as a leader in sustainability and energy efficiency, offering IEQ-certified healthy building spaces across its portfolio of approximately 8 million square feet of office space, 0.8 million square feet of retail, and 743 residential units.

Differentiator

Problem solved

Functional benefit

Brands

• ESRT Bees: Urban beekeeping sustainability initiative with honeybee hives installed at multiple Manhattan properties including the Empire State Building

Products and services

• Empire State Building Flagship Class A office and tourist property in Midtown Manhattan, providing 2.7 million rentable square feet of modernized office space, premium tenant amenities, and the world-famous Observatory experience to corporate tenants and millions of annual visitors.
• Empire State Building Observatory

Quantifiable outcome

• 49% energy reduction at the Empire State Building since 2007; 39% portfolio-wide reduction since 2009
• +7 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• CadastralcoreTechnology or IntegrationCadastral is an AI platform co-founded by Abe Somani and Aman Dhesi that ESRT uses to automate complex workflows including lease abstraction, asset acquisition due diligence, compliance reporting, and tenant risk monitoring. Clients report 50%+ process improvements and cost reductions. Cadastral provides strategic advisory services alongside its AI agents.
• AlvéoleminorStrategic or Co-development PartnerESRT partnered with Alvéole, an urban beekeeping company, to install honeybee hives at buildings across its Manhattan portfolio including the Empire State Building. Each hive contains 50,000 bees at the height of pollination season, aiding in restoration of NYC's bee population and providing pollination to surrounding areas. Beekeepers visit monthly to tend to hives.
• NYSERDAcoreStrategic or Co-development PartnerESRT co-developed the Empire Building Playbook with NYSERDA (New York State Energy Research and Development Authority) and the Clinton Global Initiative, based on its industry-leading deep energy retrofit at the Empire State Building. The playbook serves as a blueprint for other building owners to achieve similar deep energy retrofits.
• Clinton Global Initiative (CGI)coreStrategic or Co-development PartnerESRT co-developed the Empire Building Playbook with the Clinton Global Initiative, based on its industry-leading deep energy retrofit at the Empire State Building. The playbook demonstrates what is possible within the built environment to reduce carbon emissions.
• Arbor Day FoundationminorGTM or Marketing PartnerThe Arbor Day Foundation and ESRT partnered for five years to plant more than 141,000 trees together. The Foundation lit up the Empire State Building green on Earth Day 2026 as part of their ongoing partnership, commemorating the 50th anniversary of the Peanuts animated special 'It's Arbor Day, Charlie Brown.' The Foundation has planted over 500 million trees across more than 60 countries since 1972.
• Peanuts WorldwideminorGTM or Marketing PartnerPeanuts Worldwide and ESRT lit up the Empire State Building together on Earth Day 2026, marking five years of partnership and commemorating the 50th anniversary of 'It's Arbor Day, Charlie Brown.' The joint lighting event raised awareness for both organizations' environmental missions.
• 18 Reserves and ACTcoreStrategic or Co-development PartnerESRT entered a three-year agreement with 18 Reserves and ACT to support the preservation of close to 9,000 acres of biodiverse forest that offsets 100% of its non-electric fossil fuel usage, enabling ESRT to achieve carbon neutrality for its 9.9 million square foot commercial portfolio.
• Billion Oyster ProjectminorGTM or Marketing PartnerBillion Oyster Project is one of ESRT's community partnerships in the New York City metropolitan area, supporting environmental restoration and sustainability education initiatives.
• Harlem GrownminorGTM or Marketing PartnerHarlem Grown is one of ESRT's community partnerships in the New York City metropolitan area, supporting urban agriculture and youth development through sustainability.
• NYC Park PartnershipsminorGTM or Marketing PartnerNYC Park Partnerships is one of ESRT's community partnerships supporting New York City parks and public spaces.
• Bottomless ClosetminorGTM or Marketing PartnerBottomless Closet is one of ESRT's community partnerships providing professional clothing and career development support to women in need in New York City.
• Newmark GroupminorImplementation/ SI/ Consulting PartnerNewmark Group served as the exclusive real estate advisor to Scholastic Corporation on its $386 million sale-leaseback of the NYC headquarters to ESRT.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• SL Green Realty Corp. Manhattan-focused publicly traded office REIT and the largest office landlord in NYC. Directly comparable to ESRT given the shared Manhattan concentration, Class A office portfolio, and similar tenant base of financial services, legal, and media firms.
• Vornado Realty Trust: NYC-concentrated office REIT with trophy Manhattan assets near Penn Station and Grand Central. Directly comparable to ESRT given the overlapping Midtown Manhattan office footprint, premium tenant roster, and similar capital recycling approach.
• Paramount Group, Inc. Publicly traded office REIT with Class A assets in NYC and San Francisco. Comparable to ESRT in its focus on trophy, amenitized urban office product serving financial services and professional tenants.
• Peakstone Realty Trust: Publicly traded office REIT explicitly cited in ESRT's competitive benchmarking data. Comparable as a smaller-scale office REIT with single-tenant and net-lease exposure, often used by sell-side analysts as a direct comp set.

Broad incumbents

• BXP, Inc. (Boston Properties): Largest publicly traded office REIT in the U.S. with trophy assets in NYC, Boston, San Francisco, and Washington, D.C. Comparable to ESRT as a premier office landlord with similar focus on Class A amenitized product, though with broader geographic diversification.
• Kilroy Realty Corporation: West Coast-focused office REIT with Class A product in San Francisco, Los Angeles, and Seattle. Comparable to ESRT in its focus on sustainable, LEED-certified trophy office product and amenity-rich tenant experience, though concentrated on the Pacific Coast.
• Douglas Emmett, Inc. Office and multifamily REIT focused on Class A properties in Los Angeles and Honolulu. Comparable to ESRT in its coastal urban Class A office strategy and parallel multifamily exposure, though serving a different geographic market.
• Cousins Properties Incorporated: Sunbelt-focused office REIT with trophy assets in Atlanta, Austin, Charlotte, and Tampa. Comparable to ESRT as a Class A office landlord pursuing premium rents through amenitized, sustainable product, but serving a fundamentally different Sunbelt growth market.
• Highwoods Properties, Inc. Sunbelt-focused office REIT with Best-in-Class assets across the Southeast. Comparable to ESRT in its focus on Class A office product and institutional-quality portfolio management, though with a Sunbelt rather than gateway-city concentration.
• Equity Commonwealth: Publicly traded office REIT historically focused on CBD office assets and currently in active portfolio repositioning. Comparable to ESRT in its REIT structure and exposure to office sector fundamentals, though with different strategic posture and asset mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/esrtsocial
• Facebookfacebook.com/EmpireStateRealtyTrust
• LinkedInlinkedin.com/company/empire-state-realty-trust
• Instagraminstagram.com/esrtsocial
• TikToktiktok.com/@esrtsocial

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empire State Realty Trust