{"id":1004699566,"date":"2024-01-26T05:32:57","date_gmt":"2024-01-26T13:32:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004699566"},"modified":"2024-01-30T11:33:16","modified_gmt":"2024-01-30T19:33:16","slug":"esrt-inks-full-floor-lease-at-empire-state-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/esrt-inks-full-floor-lease-at-empire-state-building\/","title":{"rendered":"Empire State Building Lands Full-Floor Lease"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a1dc6e4b68bf&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"298\" height=\"223\" data-attachment-id=\"1004699572\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/esrt-inks-full-floor-lease-at-empire-state-building\/empire-state-building-image-courtesy-esrt-img-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/empire-state-building-image-courtesy-ESRT-img-1-e1706266994557.jpg\" data-orig-size=\"298,223\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Simona Tudose&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1706273988&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"empire state building image courtesy ESRT img 1\" data-image-description=\"&lt;p&gt;Empire State Building. . Image courtesy of Empire State Realty Trust&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Empire State Building. . Image courtesy of Empire State Realty Trust&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/empire-state-building-image-courtesy-ESRT-img-1-e1706266994557.jpg?w=298\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/empire-state-building-image-courtesy-ESRT-img-1-e1706266994557.jpg?w=298\" alt=\"Empire State Building\" class=\"wp-image-1004699572\" style=\"width:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Empire State Building underwent a $650 million capital improvement program. <em>Image courtesy of Empire State Realty Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Empire State Realty Trust<\/strong> has signed a 52,116-square-foot lease at its 2.8 million-square-foot Empire State Building in Midtown Manhattan.<\/p>\n\n\n\n<p>Renowned <strong>Greater New York Mutual Insurance Co<\/strong>. will occupy a full floor at the 102-story skyscraper. <strong>CBRE <\/strong>represented the tenant, while <strong>Newmark <\/strong>negotiated on behalf of the landlord.<\/p>\n\n\n\n<p>Greater New York Mutual is a 109-year-old insurance company that provides coverage solutions for commercial real estate operators. The firm&#8217;s Chairman &amp; CEO Elizabeth Heck said in prepared remarks that Greater New York Mutual received an A+ rating from A.M. Best for more than 30 consecutive years. <\/p>\n\n\n\n<p>With the signing of the new lease, the company will join the landmark tower\u2019s tenants including LinkedIn, The Alberleen Group, Unipharm, Turkish Airlines and Federal Deposit Insurance, CommercialEdge data shows.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/office-trends-in-2024-how-much-will-the-sector-change\/\" target=\"_blank\" rel=\"noreferrer noopener\">Office Trends in 2024: How Much Will the Sector Change?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>ESRT has owned the office tower since 2013, when it purchased the asset as part of a $711 million portfolio deal with <strong>Helmsley Enterprises<\/strong>, the same source reveals. Built in 1931, the Art Deco building at 350 Fifth Ave. includes 64 passenger elevators, controlled access, floorplates between 12,905 square feet and 100,512 square feet, a fitness center, first-floor and mezzanine-level retail space.<\/p>\n\n\n\n<p>Cosmetic renovations were completed in 2011 and 2019, with the latest one being a $650 million capital improvement strategy. Now the high-rise features more than 65,000 square feet of amenities, eight on-site dining options, a conference center, a 15,000-square-foot fitness center and a multipurpose area with a 400+ person capacity, equipped with pickleball and basketball court, golf simulators, a 120-person common-area lounge and other amenities. Additionally, Empire State Building also offers recently built office suites and ESRT\u2019s premier indoor environmental and sustainability-oriented measures.<\/p>\n\n\n\n<p>CBRE\u2019s Vice Chairman Mark Ravesloot negotiated on behalf of Greater New York Mutual Insurance Co. Newmark\u2019s team of Vice Chairman Scott Klau, Executive Managing Directors Erik Harris and Brent Ozarowski, Managing Directors Neil Rubin and Zachary Weil, together with Associate Director Cole Gendels worked on behalf of the landlord. The Newmark team worked alongside ESRT\u2019s Vice Presidents of Leasing Jordan Berger and Shanae Ursini, with the assistance of Senior Leasing Associate Kerry Lavelle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recent-tenants-at-esrt-s-manhattan-portfolio\">Recent tenants at ESRT&#8217;s Manhattan portfolio<\/h2>\n\n\n\n<p>The deal follows a series of recent leasing agreements at Empire State Building. In 2023, global tech and management company <a href=\"https:\/\/www.commercialsearch.com\/news\/empire-state-building-scores-full-floor-tenant\/\">Capco relocated<\/a> its New York City office by occupying 26,620 square feet on the 68th floor. ESRT also secured <a href=\"https:\/\/www.commercialsearch.com\/news\/skanska-aprio-sign-long-term-leases-at-empire-state-building\/\">two additional <\/a>agreements at the high-rise: Skanska continued its tenancy, which started in 2008, by signing a 25,057-square-foot relocation in June, occupying a full floor. Additionally, Aprio signed a 14,945-square-foot deal, relocating its office from 7 Penn Plaza.<\/p>\n\n\n\n<p>Last year, ESRT also welcomed new tenants at its other Manhattan office properties: In May, nonprofit organization Rising Ground signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-inks-long-term-lease-in-midtown\/\">30-year, 29,531-square-foot deal<\/a> at 1333 Broadway, a 362,531-square-foot mid-rise office building. In March, ESRT inked a 33,803-square-foot, long-term agreement <a href=\"https:\/\/www.commercialsearch.com\/news\/empire-state-realty-secures-long-term-lease-in-manhattan\/\">with Claims Conference at 1359 Broadway.<\/a> The company has been a tenant at the 481,167-square-foot office property since 2007, and has relocated to a new office space within the building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBRE represented a 109-year-old insurance company in the transaction. <\/p>\n","protected":false},"author":2991,"featured_media":1004699572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,37228,34345,50999],"class_list":["post-1004699566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-empire-state-building","tag-empire-state-realty-trust","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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