A mix of efficiency, amenities and heritage are keys to success, says Empire State Realty Trust’s CEO Tony Malkin
At the corner of 34th Street and 5th Avenue, there is an iconic building with a celebrated place in Manhattan’s history. Its identity is inseparable from the city that is its home.
The Empire State Building, the World's Most Famous Office Building, already has an established cultural legacy. But its owner, Empire State Realty Trust (NYSE: ESRT), isn't resting on its laurels. "Our goal is simple: To continue to attract and retain top-tier tenants, and support the brokers who represent them," says Anthony Malkin, CEO of ESRT. "We accomplish this ongoing objective through significant investments in amenities, energy-efficiency and infrastructure upgrades."
In recent years, the property has signed leases with a diverse array of prestigious tenants, including Coty (NYSE: COTY), LinkedIn (NYSE: LNKD), Shutterstock (NYSE: SSTK, Skanska and Bulova, who enjoy the benefits of The Urban Campus: Five on-site restaurants, including the newly-opened STATE Grill and Bar, with private executive dining and event space; a 15,000-square-foot, tenant-only gym; a tenant-only, fully-equipped conference center, among other amenities and services.
Tenants also benefit from ESRT's leadership in sustainability initiatives, which will reduce the building's total energy consumption by 50 percent, and increase the health and well-being of tenants. ESRT is applying this model to the other properties in its portfolio, which encompasses 10 million square feet of office and retail space in Manhattan; Fairfield County, CT; and Westchester County, NY.
When ESRT decided to go public in 2013, the company sought out a partner that shared its high standards and commitment to success.
Mr. Malkin articulated this in explaining his choice of listing venue. "I can’t think of an exchange other than NYSE that offers comparable prominence, service, and assurance of delivery."