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New York

Empire State Building’s tenant roster plummets

But owner Malkin Holdings focuses on stronger tenants, higher rents

Anthony Malkin of Malkin Holdings
Anthony Malkin of Malkin Holdings

The Empire State Building’s list of tenants has been reduced to 171 companies, down from more than 600 in 2006, before Malkin Holdings took the helm. In addition, average rent has climbed to $42.10 per square foot, from roughly $26, the New York Observer reported.

According to Anthony Malkin of Malkin Holdings, a company that wants to take space in the building needs to be growing and on a positive financial path. “Cash flow, come talk to us,” Malkin told the Observer. “As companies grow up and mature, they look for better offices. We’re looking for the companies that have grown up and matured.”

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As previously reported, the professional networking platform LinkedIn recently signed a 10-year lease for an additional 40,780 square feet of space inside the building.

As reported yesterday, the owners of the building have inked a $55 million settlement over the building’s public offering. [NYO] — Zachary Kussin

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