Empire State Realty Trust has signed Greater New York Mutual Insurance Company for a new full-floor lease totaling 52,116 square feet at the Empire State Building. The company cited the iconic tower's sustainability measures and "excellent tenant amenities" as some of the reasons for its decision.
The building houses more than 65,000 square feet of amenities which include a tenant-only fitness center, conference center, eight in-building dining options, and a 400+ person pace with basketball/pickleball courts and golf simulators soon to come. In addition, the REIT recently announced new retail leases at the Empire State Building with Ghirardelli and Samurice.
Mark Ravesloot of CBRE represented GNY Mutual in the lease negotiations. Scott Klau, Erik Harris, Neil Rubin, Brent Ozarowski, Zachary Weil, and Cole Gendels of Newmark and Jordan Berger, Shanae Ursini, and Kerry Lavelle of ESRT represented the property owner.
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The lease signals the ongoing stabilization of Manhattan's office sector. Office leasing volume surged to six million square feet in Manhattan in the fourth quarter of 2023, making it the strongest quarter of the year.
The year ended with a mega-deal in which the Paul, Weiss law firm inked a 765,000 square foot lease to relocate its offices to 1345 Avenue of the Americas.
JLL is anticipating that 2024 will begin with an equally robust start. "We know there are other big deals in the works that haven't closed yet," Andrew Lim, JLL's New York research director, told GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
