Empire State Realty Trust’s leasing is on the rise, according to the newly-formed real estate investment trust’s first financial disclosure, covering the third quarter.
The company’s total portfolio was 85.7 percent leased as of the third quarter’s end, up 2.4 percentage points from the previous quarter, while its Manhattan office holdings were 83.7 percent leased, up 1.7 percentage points. The Empire State Building itself was 82 percent leased. Retail was 91.6 percent leased at the end of the third quarter, encompassing a total of 645,000 rentable square feet.
“Our portfolio demonstrated performance gains as we continued to implement our renovation, repositioning and leasing strategies,” Anthony Malkin, chairman, CEO and president of ESRT told GlobeSt. “We believe our properties have competitive advantages, including excellent locations at attractive values, and our program to reposition and retrofit our Manhattan portfolio creates strong tenant demand and enhances our operating margins.”
The company inked 53 leases during the quarter, including notable deals with Urban Outfitters at 1333 Broadway, and Gerson Lehrman Group and law firm Hafetz Necheles & Rocco at One Grand Central Place. ESRT went public on Oct. 2, raising $929.5 million through the initial offering. [GlobeSt] — Julie Strickland