Empire State Realty OP ESBA

Empire State Realty OP, L. P. owns and operates a portfolio of office, retail, and multifamily properties primarily located in New York City. The company manages a total of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 743 residential units across its properties. It is best known for its flagship asset, the Empire State Building, which includes the 86th and 102nd floor observatories that are among the most visited attractions in New York City.

The company generates revenue primarily through rental income from its office, retail, and multifamily tenants, including base rent, rent escalations, and tenant expense reimbursements. Additionally, it earns significant revenue from ticket sales to the Empire State Building Observatory, which offers panoramic views of New York and surrounding areas. Revenue is also supplemented by other income from property operations, such as fees for services and reimbursements related to building expenses.

The company operates through the following segments: real estate and observatory.

• Real Estate: This segment includes all activities related to the ownership, management, operation, acquisition, repositioning, and disposition of office, retail, and multifamily assets. The segment focuses on maintaining high occupancy rates, enhancing tenant experience, and improving energy efficiency across its properties. It emphasizes modernized buildings with strong amenities, proximity to mass transit, and long-term financial stability to attract and retain high credit-quality tenants.
• Observatory: This segment operates the 86th and 102nd floor observatories at the Empire State Building, offering visitors panoramic views of New York City and surrounding regions. The Observatory has implemented a reservation-only system to manage visitor flow and enhance guest experience, with a focus on increasing revenue per visitor. It has been ranked the #1 Top Attraction in New York City for four consecutive years in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do.

Empire State Realty OP, L. P. holds a strong position in the competitive New York City real estate market, particularly in the premium office and tourism sectors. Its focus on modern, energy-efficient buildings with superior indoor environmental quality differentiates it from many competitors. The company benefits from its association with the Empire State Building, an iconic global landmark that enhances brand recognition and tenant appeal.

The company serves a diverse customer base including office tenants across various industries such as technology, finance, media, and professional services. Its retail spaces are occupied by a mix of national and local retailers, while its multifamily units are leased to individual residents. The Empire State Building Observatory attracts millions of annual visitors from domestic and international markets, contributing significantly to its revenue stream.