Empire State Realty OP, L.P.

Empire State Realty OP, L.P. is the operating partnership behind Empire State Realty Trust, a New York City-focused REIT that owns and operates office, retail, multifamily and observatory assets. Its portfolio is anchored by the Empire State Building and its observatory, alongside Manhattan office and retail properties and a smaller multifamily platform.

43,0 %

9,5 %

+0,0 %

— Empire State Realty OP, L.P.
%
Office properties55% Leasing and operating modernized office buildings, primarily in Manhattan.
Observatory operations20% Ticket admissions and related revenue from the Empire State Building observatories.
Retail properties10% Street-level and building retail leasing within the NYC portfolio.
Multifamily residential10% Rental income from residential units in New York City.
Other property income5% Tenant reimbursements, escalations, other income and intersegment eliminations.

The core customers are office tenants, retail tenants and residential renters in New York City, who value location,...

  • Office tenantsprimary

    Businesses leasing Manhattan office space for location, quality and amenity value.

  • Observatory visitorsprimary

    Domestic and international tourists purchasing admission to the Empire State Building observatories.

  • Retail tenantssecondary

    Retailers leasing space in and around the company’s NYC properties to capture foot traffic.

  • Multifamily residentssecondary

    Households renting apartments in the company’s New York City residential assets.

  • Brokers and leasing intermediariessecondary

    Commercial real estate brokers that help source and retain office and retail tenants.

The business is overwhelmingly concentrated in New York City, with all office properties in Manhattan and the broader...

  • •Portfolio is concentrated in New York City, especially Manhattan
  • •All office properties are located in Manhattan
  • •Observatory revenue depends on tourism to New York City
  • •Entitled land in Stamford, Connecticut is a smaller optionality asset
  • •Single-market exposure increases sensitivity to NYC regulation and demand

The company’s strategy is to own and operate well-leased, modernized, amenitized NYC assets and to recycle capital into...

01
Acquire and reposition NYC assetsmedium-term

The portfolio is built around concentrated New York City expertise and asset quality.

02
Defend leasing performance through amenities and qualityshort-term

Tenant demand depends on location, building condition and service levels in a competitive market.

03
Monetize sustainability leadershipmedium-term

Energy efficiency and healthy buildings can lower costs and improve tenant retention.

04
Support Observatory traffic and pricingshort-term

Observatory revenue is a meaningful diversified income stream tied to tourism and brand strength.

The business is highly concentrated in New York City, so leasing demand, regulation, taxes and local economic...

high

Geographic concentration in New York City

Most assets and revenue are tied to one market, so local downturns hit the whole portfolio.

Scope
Office, retail, multifamily and observatory operations
Materiality
high
high

Observatory visitation volatility

Admissions depend on tourism, weather, seasonality and competing attractions.

Scope
Empire State Building Observatory
Materiality
high
high

Office market softness and refinancing risk

Higher rates and slower return-to-office trends can pressure occupancy, rents and asset values.

Scope
Manhattan office portfolio
Materiality
high
medium

Environmental regulation and emissions compliance

NYC Local Law 97 may require capital spending or penalties if building emissions exceed limits.

Scope
Large commercial and multifamily buildings in New York City
Materiality
medium
medium

Goodwill impairment

A decline in reporting unit fair value could trigger a non-cash charge and reduce earnings.

Scope
Real Estate and Observatory reporting units
Materiality
medium
Rental revenue recognition
Can change quarterly comparability even when occupancy is stable
Observatory seasonality
Quarterly revenue and margin swings
Goodwill impairment testing
Potential non-cash charges if assumptions weaken
Gain on disposition of property
Can materially affect net income in a period
Intersegment eliminations
Affects segment presentation but not consolidated revenue

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: 28/04/2026