Empire State Realty OP LP

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

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FY2023 · Filed Feb 28, 2024

ESBA$5.22+0.5%Stored close · as of Nov 9, 2026

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Contents

Item 2. PROPERTIES

Summary of Office, Retail, and Multifamily Portfolio

As of December 31, 2023, our office and retail portfolio was comprised of approximately 8.6 million rentable square feet of office space and 0.7 million rentable square feet of retail space and was approximately 86.3% occupied and 90.6% leased, yielding approximately $536.0 million of annualized rent. We have 11 office properties and our retail properties are comprised of retail space at the base of our New York City office and multifamily properties, and five standalone retail properties predominantly located in Manhattan. All properties are located in dynamic retail corridors with convenient access to mass transportation, a diverse tenant base and high pedestrian traffic. Our real estate segment includes all activities related to the ownership, management, operation, acquisition, repositioning and disposition of all of our real estate assets other than the 86th and 102nd floor observatories at the Empire State Building, which are operated by our Observatory segment.

The tables below present an overview as of December 31, 2023.

Annualized
Rentable · Rent per
Square · Percent · Percent · Annualized · Occupied · Number of
Property Name	Location or Sub-Market	Feet (1)	Occupied (2)	Leased (3)	Rent (4)	Square Foot (5)	Leases (6)
Office - Manhattan
The Empire State Building	Penn Station -Times Sq. South	2,713,783	84.6%	91.8%	$149,146,291	$64.98	144
One Grand Central Place	Grand Central	1,241,235	85.2%	90.7%	64,495,396	61.01	148
1400 Broadway (7)	Penn Station -Times Sq. South	917,281	100.0%	100.0%	51,543,523	56.19	20
111 West 33rd Street (8)	Penn Station -Times Sq. South	639,496	94.2%	95.7%	40,779,657	67.68	21
250 West 57th Street	Columbus Circle - West Side	472,707	80.6%	84.5%	23,990,288	62.98	28
501 Seventh Avenue	Penn Station -Times Sq. South	461,209	88.4%	88.4%	20,432,035	50.09	19
1359 Broadway	Penn Station -Times Sq. South	456,004	83.5%	91.4%	22,376,656	58.75	32
1350 Broadway (9)	Penn Station -Times Sq. South	372,599	85.5%	86.4%	19,076,631	59.90	50
1333 Broadway	Penn Station -Times Sq. South	296,349	84.4%	94.4%	14,545,148	58.12	13
Office - Manhattan		7,570,663	87.3%	92.1%	406,385,625	61.47	475
Office - Greater New York Metropolitan Area
First Stamford Place (10)	Stamford, CT	781,731	78.7%	82.3%	26,691,177	43.38	48
Metro Center	Stamford, CT	281,510	70.9%	70.9%	10,914,848	54.71	20
Office - Greater New York Metropolitan Area		1,063,241	76.6%	79.3%	37,606,025	46.15	68
Total/Weighted Average Office Properties		8,633,904	86.0%	90.5%	443,991,650	59.79	543
Retail Properties
112 West 34th Street (8)	Penn Station -Times Sq. South	93,057	100.0%	100.0%	24,825,569	266.78	4
The Empire State Building	Penn Station -Times Sq. South	90,670	71.9%	76.4%	7,032,389	107.93	10
One Grand Central Place	Grand Central	68,733	99.4%	99.4%	8,977,805	131.41	12
1333 Broadway	Penn Station -Times Sq. South	67,001	100.0%	100.0%	10,155,485	151.57	4
250 West 57th Street	Columbus Circle - West Side	65,526	91.4%	91.4%	9,111,860	152.07	7
10 Union Square	Union Square	58,006	91.9%	91.9%	8,181,304	153.49	10

1542 Third Avenue	Upper East Side	56,135	100.0%	100.0%	2,542,042	45.28		4
1010 Third Avenue	Upper East Side	38,235	100.0%	100.0%	3,460,188	90.50		2
501 Seventh Avenue	Penn Station -Times Sq. South	35,859	50.8%	59.6%	1,310,333	71.94		5
1350 Broadway (9)	Penn Station -Times Sq. South	30,710	77.8%	77.8%	5,962,833	249.70		5
1359 Broadway	Penn Station -Times Sq. South	29,247	83.0%	100.0%	1,668,652	68.73		5
561 10th Avenue (11)	Hudson Yards	28,266	100.0%	100.0%	2,007,748	71.03		3
77 West 55th Street	Midtown	25,388	100.0%	100.0%	1,978,407	77.93		3
1400 Broadway (7)	Penn Station -Times Sq. South	17,879	78.2%	78.2%	1,538,836	110.07		6
298 Mulberry Street (12)	NoHo	10,365	100.0%	100.0%	1,802,507	173.90		1
Williamsburg Retail (13)	Brooklyn	6,538	100.0%	100.0%	1,158,422	177.18	3
345 East 94th Street (14)	Upper East Side	3,700	100.0%	100.0%	263,134	71.12		1
Total/Weighted Average Retail Properties		725,315	90.4%	92.1%	91,977,514	140.27		85
Portfolio Total		9,359,219	86.3%	90.6%	$535,969,164	$66.32		628

(1)Excludes (i) 189,148 square feet of space across the Company's portfolio attributable to building management use and tenant amenities and (ii) 83,190 square feet of space attributable to the Company's Observatory.

(2)Based on leases signed and commenced as of December 31, 2023.

(3)Includes occupied space plus leases signed but not commenced as of December 31, 2023.

(4)Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(5)Represents annualized rent under leases commenced as of December 31, 2023 divided by occupied square feet.

(6)Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(7)Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 40 years (expiring December 31, 2063).

(8)Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 54 years (expiring June 10, 2077).

(9)Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 27 years (expiring July 31, 2050).

(10)First Stamford Place consists of three buildings.

(11)Does not include the square footage related to the 417 residential units at this property.

(12)Does not include the square footage related to the 96 residential units at this property.

(13)Does not include the square footage related to the 6 residential units at this property.

(14)Does not include the square footage related to the 208 residential units at this property.

Tenant Diversification

As of December 31, 2023, our office and retail portfolios were leased to a diverse tenant base consisting of approximately 628 leases. Our tenants represent a broad array of industries as follows:

Diversification by Industry	Percent (1)
Arts and entertainment	3.2%
Broadcast	1.0%
Consumer goods	15.8%
Finance, insurance, real estate	16.9%
Government entity	2.1%
Healthcare	1.8%
Legal services	5.2%
Non-profit	4.2%
Professional services (not including legal services)	9.2%
Retail	18.2%

(1) Based on annualized rent.
Technology, media and advertising	18.0%
Others	4.4%
Total	100.0%

The following table sets forth information regarding the 20 largest tenants in our commercial portfolio based on annualized rent as of December 31, 2023.

Weighted · Percent of
Average · Total · Portfolio · Percent of
Remaining · Occupied · Rentable · Portfolio
Lease · Lease · Square · Square · Annualized · Annualized
Tenant	Property	Expiration (1)	Term (2)	Feet (3)	Feet (4)	Rent (5)	Rent (6)
LinkedIn	Empire State Building	Aug. 2036	12.7 years	501,409	5.4%	$33,465,435	6.2%
Flagstar Bank	1400 Broadway	Aug. 2039	15.7 years	313,109	3.3%	18,285,046	3.4%
Centric Brands Inc.	Empire State Building	Oct. 2028	4.8 years	221,365	2.4%	11,952,833	2.2%
PVH Corp.	501 Seventh Avenue	Oct. 2028	4.8 years	237,281	2.5%	11,519,383	2.1%
Sephora	112 West 34th Street	Jan. 2029	5.1 years	11,334	0.1%	10,533,585	2.0%
Target	112 West 34th St., 10 Union Sq.	Jan. 2038	14.1 years	81,340	0.9%	9,341,224	1.7%
Coty Inc.	Empire State Building	Jan. 2030	6.1 years	156,187	1.7%	8,497,458	1.6%
Macy's	111 West 33rd Street	May 2030	6.4 years	131,117	1.4%	8,451,562	1.6%
Urban Outfitters	1333 Broadway	Sept. 2029	5.8 years	56,730	0.6%	8,185,595	1.5%
Li & Fung	1359 Broadway, ESB	Oct. 2027 - Oct. 2028	4.5 years	149,061	1.6%	7,954,806	1.5%
Footlocker	112 West 34th Street	Sept. 2031	7.8 years	34,192	0.4%	7,745,828	1.4%
Federal Deposit Insurance Corp.	Empire State Building	Dec. 2025	2.0 years	119,226	1.3%	7,578,004	1.4%
HNTB Corporation	Empire State Building	Feb. 2029	5.2 years	105,143	1.1%	7,000,733	1.3%
Institutional Capital Network, Inc.	One Grand Central Place	Feb. 2024 - Oct. 2035	10.6 years	94,331	1.0%	6,351,680	1.2%
The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029	5.9 years	86,492	0.9%	6,267,495	1.2%
Shutterstock	Empire State Building	Apr. 2029	5.3 years	104,386	1.1%	6,096,096	1.1%
Fragomen	1400 Broadway	Feb. 2035	11.2 years	107,680	1.2%	5,959,656	1.1%
Burlington Merchandising Corp.	1400 Broadway	Jan. 2038	14.1 years	102,898	1.1%	5,932,832	1.1%
ASCAP	250 West 57th Street	Aug. 2034	10.7 years	87,943	0.9%	5,384,628	1.0%
Duane Reade	Empire State Building, 1350 Broadway	May 2025 - Sept. 2027	2.5 years	39,142	0.4%	4,941,165	0.9%
Total				2,740,366	29.3%	$191,445,044	35.5%

(1)Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.

(2)Represents the weighted average remaining lease term, based on annualized rent.

(3)Based on leases signed and commenced as of December 31, 2023.

(4)Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.

(5)Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6)Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

Lease Expirations

The following table sets forth new and renewal leases entered into at our properties, the weighted average annualized cash rent per square foot for new and renewal leases executed during the year, the previous weighted average annualized cash rent prior to the renewal or re-leasing of these leases and the percent increase (decrease) in mark-to-market rent.

	Year Ended December 31,
	2023	2022	2021
New and renewal leases entered into during the year (square feet)	950,746	1,118,579	1,005,630
Weighted average annualized cash rent per square foot for new and renewal leases executed during the year	$65.30	$59.42	$57.55
Weighted average annualized cash rent per square foot for previous leases	$61.25	$58.58	$58.04
Increase (decrease) in mark-to-market rent	6.6%	1.4%	(0.8)%

The following tables set forth a summary schedule of expirations for leases in place as of December 31, 2023 plus available space for each of the ten calendar years beginning with the year ended December 31, 2023 at the office and retail properties in our commercial portfolio. The information set forth in the table assumes that tenants exercise no renewal options and all early termination rights.

Office and Retail Portfolio

Percent of
Rentable · Portfolio · Annualized
Number · Square · Rentable · Percent of · Rent Per
of Leases · Feet · Square Feet · Annualized · Annualized · Rentable
Year of Lease Expiration	Expiring (1)	Expiring (2)	Expiring	Rent (3)	Rent	Square Foot
Available	—	875,777	9.4%	$—	—%	$—
Signed leases not commenced	28	402,268	4.3%	—	—%	—
Fourth quarter 2023(4)	15	143,627	1.5%	7,522,786	1.4%	52.38
2024	89	509,671	5.4%	30,075,202	5.6%	59.01
2025	85	594,946	6.4%	40,363,625	7.5%	67.84
2026	72	628,943	6.7%	37,384,704	7.0%	59.44
2027	87	713,569	7.6%	47,192,095	8.8%	66.14
2028	63	945,077	10.1%	52,486,474	9.8%	55.54
2029	50	981,952	10.5%	73,521,837	13.7%	74.87
2030	38	745,546	8.0%	50,024,340	9.3%	67.10
2031	23	174,491	1.9%	20,214,026	3.8%	115.85
2032	29	368,694	3.9%	26,223,606	4.9%	71.13
2033	29	329,711	3.5%	21,332,708	4.0%	64.70
Thereafter	48	1,944,947	20.8%	129,627,759	24.2%	66.65
Total	656	9,359,219	100.0%	$535,969,162	100.0%	$66.32

Manhattan Office Properties(5)

Percent of
Rentable · Portfolio · Annualized
Number · Square · Rentable · Percent of · Rent Per
of Leases · Feet · Square Feet · Annualized · Annualized · Rentable
Year of Lease Expiration	Expiring (1)	Expiring (2)	Expiring	Rent (3)	Rent	Square Foot
Available	—	597,862	7.9%	$—	—%	$—
Signed leases not commenced	20	362,213	4.8%	—	—%	—
Fourth quarter 2023(4)	12	124,643	1.6%	7,044,490	1.7%	56.52
2024	76	431,339	5.7%	25,204,397	6.2%	58.43
2025	67	495,292	6.5%	32,205,906	7.9%	65.02
2026	57	485,929	6.4%	29,511,170	7.3%	60.73
2027	71	600,450	7.9%	36,782,006	9.1%	61.26
2028	47	854,943	11.3%	47,465,773	11.7%	55.52
2029	35	738,291	9.8%	44,821,337	11.0%	60.71
2030	27	599,150	7.9%	37,243,747	9.2%	62.16
2031	12	86,541	1.1%	6,076,449	1.5%	70.21
2032	21	334,698	4.4%	23,105,190	5.7%	69.03
2033	15	141,599	1.9%	8,587,282	2.1%	60.65
Thereafter	35	1,717,713	22.8%	108,337,878	26.6%	63.07
Total	495	7,570,663	100.0%	$406,385,625	100.0%	$61.47

Greater New York Metropolitan Area Office Properties

Percent of
Rentable · Portfolio · Annualized
Number · Square · Rentable · Percent of · Rent Per
of Leases · Feet · Square Feet · Annualized · Annualized · Rentable
Year of Lease Expiration	Expiring (1)	Expiring (2)	Expiring	Rent (3)	Rent	Square Foot
Available	—	220,593	20.7%	$—	—%	$—
Signed leases not commenced	3	27,802	2.5%	—	—%	—
Fourth quarter 2023(4)	2	2,540	0.2%	63,701	0.2%	25.08
2024	7	52,728	5.0%	2,222,975	5.9%	42.16
2025	13	76,903	7.2%	3,597,773	9.6%	46.78
2026	8	71,784	6.8%	3,508,404	9.3%	48.87
2027	10	58,730	5.5%	2,801,695	7.5%	47.70
2028	11	84,915	8.0%	3,735,230	9.9%	43.99
2029	5	128,271	12.1%	5,907,668	15.7%	46.06
2030	4	78,033	7.3%	3,562,425	9.5%	45.65
2031	2	16,560	1.6%	843,885	2.2%	50.96
2032(6)	1	—	—%	6,180	—%	—
2033	3	151,754	14.3%	7,494,005	19.9%	49.38
Thereafter	2	92,628	8.8%	3,862,084	10.3%	41.69
Total	71	1,063,241	100.0%	$37,606,025	100.0%	$46.15

Retail Properties

Percent of
Rentable · Portfolio · Annualized
Number · Square · Rentable · Percent of · Rent Per
of Leases · Feet · Square Feet · Annualized · Annualized · Rentable
Year of Lease Expiration	Expiring (1)	Expiring (2)	Expiring	Rent (3)	Rent	Square Foot
Available	—	57,322	7.9%	$—	—%	$—
Signed leases not commenced	5	12,253	1.7%	—	—%	—
Fourth quarter 2023(4)	1	16,444	2.3%	414,595	0.5%	25.21
2024	6	25,604	3.5%	2,647,830	2.9%	103.41
2025	5	22,751	3.1%	4,559,946	5.0%	200.43
2026	7	71,230	9.8%	4,365,130	4.7%	61.28
2027	6	54,389	7.5%	7,608,394	8.3%	139.89
2028	5	5,219	0.7%	1,285,471	1.4%	246.31
2029	10	115,390	15.9%	22,792,832	24.8%	197.53
2030	7	68,363	9.4%	9,218,168	10.0%	134.84
2031	9	71,390	9.8%	13,293,692	14.5%	186.21
2032	7	33,996	4.7%	3,112,236	3.4%	91.55
2033	11	36,358	5.0%	5,251,421	5.7%	144.44
Thereafter	11	134,606	18.7%	17,427,798	18.8%	129.47
Total	90	725,315	100.0%	$91,977,514	100.0%	$140.27

(1)If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(2)Excludes (i) 189,148 rentable square feet across the Company's portfolio attributable to building management use and tenant amenities and (ii)

83,190 square feet of space attributable to the Company's Observatory.

(3)Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(4)Represents leases that are included in occupancy as of December 31, 2023 and expire on December 31, 2023.

(5)Excludes (i) retail space in our Manhattan office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.

(6)Represents a telecom lease with no square footage.

Portfolio Transaction Activity

On February 1, 2023, we closed on the sale of 69-97 and 103-107 Main Street in Westport, Connecticut at a gross asset valuation of $40.0 million. Refer to "Financial Statements - Note 11 Related Party Transactions"in this Annual Report on Form 10-K.

On April 5, 2023, we closed on the sale of 500 Mamaroneck Avenue in Harrison, New York at a gross asset valuation of $53.0 million.

On September 14, 2023, we closed on the acquisition of a Williamsburg retail property located on the corner of North 6 th Street and Wythe Avenue in Brooklyn, New York, for a purchase price of $26.4 million.

Refer to "Financial Statements - Note 3 Acquisitions and Dispositions"in this Annual Report on Form 10-K.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.