Law Firm Signs Lease at Empire State Building
The firm will occupy one full and one partial floor.
Elsberg Baker & Maruri PLLC has signed a 39,237-square-foot leasing agreement at the Empire State Building in Manhattan. The law firm will occupy one full and one partial floor at Empire State Realty Trust’s 102-story property. Newmark brokered the deal on behalf of both parties, with help from an ESRT executive.
The law firm also worked with the owner’s in-house architecture and project management team to design and build its new Manhattan office. Elsberg Baker & Maruri will relocate from Vornado Realty Trust’s 1 Pennsylvania Plaza, Commercial Observer reported.
The current deal happened just a few weeks after a consultancy firm signed a 25,372-square-foot lease at the 2.8 million-square-foot building.
ESRT purchased the skyscraper in a major portfolio deal valued at $771.2 million in October 2013 from Helmsley Enterprises, according to Yardi Research Data. Originally constructed in 1931, the iconic tower underwent complete renovations in 2011, followed by cosmetic upgrades in 2019.
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The LEED Platinum-certified building includes more than 127,000 square feet of retail space across its ground and mezzanine levels and has floorplates ranging from 12,905 to 100,512 square feet. The high-rise also has 64 passenger elevators.
The building comprises more than 65,000 square feet of amenity space, including a fitness center, a conference facility, the Empire Lounge with a 400-person all-hands space and recreational features such as a basketball court and two golf simulators. The tower also has multiple dining and seating areas.
Newmark Vice Chair Brian Goldman, Associate Director Nicholas Lucia and Head of New York Consulting Group Jason Perla represented the tenant. Vice Chair Scott Klau, Executive Managing Director Erik Harris and Managing Director Neil Rubin, as well as ESRT Vice President of Leasing Jordan Berger, worked on behalf of the owner.
YoY decrease in Manhattan office vacancy
Manhattan’s office vacancy rate as of May clocked in at 15.7 percent, marking a 50-basis-point drop year-over-year, according to a Yardi Matrix office report. This figure was also below the 19.4 percent national average. The borough’s listing rate during the same month was $68.1, more than double the U.S. index.
Earlier this year, ESRT also signed a 77,382-square-foot lease renewal with Gerson Lehrman Group Inc. at One Grand Central Place. The tenant will continue to occupy two full floors at the 1.3 million-square-foot office tower.
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