Microsoft-LinkedIn deal lends Empire State Building new cache

Social networking firm occupies 280K sf there

TRD New York /
Jun.June 14, 2016 08:46 AM

Software giant Microsoft’s $26.2 billion acquisition of LinkedIn caps off a long, slow recovery of status for the Empire State Building, where the social network makes its home.

In the 10 years since a crucial change in ownership, the tower, once called the the “Empty State Building,” has re-emerged as one of Manhattan’s top office properties, the New York Post reported.

The new era began in 2006 when one of the building’s owners, law firm Wein & Malkin, took full control of the property and embarked on a $550 million renovation, installing new elevators, corridors, bathrooms and upgrading the HVAC.

The building’s landlords signed their biggest new tenant in years, beauty company Coty, in 2008. The company took 88,000 square feet.

LinkedIn first took a floor at the classic skyscraper in 2011. It has expanded at at least four times since, moving up to a total of 280,000 square feet in mid-2015.

CEO Anthony Malkin took his firm public in 2013, creating the Empire State Realty Trust, which today owns 20 buildings in the city, containing roughly 10 million square feet of space.

Its flagship property is now over 90 percent leased, according to ESRT’s regulatory filings, with other tenants including watchmaker Bulova and stock photography firm Shutterstock.

Asking rents there range from the mid-$60s per foot to about $82 dollars, the Post reported. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Matt Salem, KKR head of real-estate credit (Getty; KKR)

Hotel and retail mortgages dragging down recovery

Hotel and retail mortgages dragging down recovery
Top 5 TRD YouTube videos you may have missed

Skyscrapers, business strategies, and brownstone renovations made TRD’s top videos last week

Skyscrapers, business strategies, and brownstone renovations made TRD’s top videos last week
President Donald Trump (Credit: livier Douliery - Pool/Getty Images)

WeChat ban on hold: Why that’s good for real estate

WeChat ban on hold: Why that’s good for real estate
President Donald Trump with developer Steve Witkoff, John Catsimatidis and Blackstone’s Stephen Schwarzman (Getty; iStock)

“That was a business decision”: Why real estate execs are backing Trump — or backing away

“That was a business decision”: Why real estate execs are backing Trump — or backing away
New York City restaurants have struggled to make rent throughout the pandemic but August marked a new high. Andrew Rigie of the NYC Hospitality Alliance (Getty; Institute of Culinary Education)

Rent struggles for NYC restaurants now worse than ever

Rent struggles for NYC restaurants now worse than ever
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...