Empire State Realty OP, L.P. (ESBA): Business Model Canvas

Im Herzen von Manhattan gelegen, stellt Empire State Realty OP, L.P. (ESBA) eine überzeugende Symphonie aus Immobilieninnovation und strategischem Asset Management dar. Diese dynamische Organisation verwandelt ikonische Immobilien wie das legendäre Empire State Building in ein anspruchsvolles Investitionsökosystem, das erstklassige Gewerbeflächen, strategische Partnerschaften und modernste Immobilientechnologien vereint. Durch die Nutzung seiner erstklassige 2,7 Millionen Quadratfuß Als Anbieter von Immobilien in Manhattan bietet ESBA Investoren und Mietern eine beispiellose Gelegenheit, Teil eines visionären Immobilienunternehmens zu werden, das über traditionelle Paradigmen der Immobilienverwaltung hinausgeht.

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Immobilieninvestitionspartnerschaften

Empire State Realty Trust unterhält strategische Partnerschaften mit den folgenden Investmentgesellschaften:

Partner	Einzelheiten zur Partnerschaft	Investitionswert
Blackstone Real Estate Partners	Co-Investment in Gewerbeimmobilien	125 Millionen Dollar
Brookfield Vermögensverwaltung	Zusammenarbeit bei der Immobilienentwicklung in Manhattan	87,3 Millionen US-Dollar

Mietverträge mit gewerblichen Mietern

Zu den wichtigsten gewerblichen Mieterpartnerschaften gehören:

• LinkedIn Corporation: Mietvertrag über 300.000 m² in der 350 Fifth Avenue
• Shutterstock: Mietvertrag über 150.000 Quadratfuß im Empire State Building
• Spotify Technology: Mietvertrag über 220.000 Quadratfuß im Manhattan-Portfolio

Kooperationen im Immobilienmanagement

Managementpartner	Erbrachte Dienstleistungen	Jährlicher Vertragswert
CBRE-Gruppe	Immobilienverwaltungsdienstleistungen	4,2 Millionen US-Dollar
JLL (Jones Lang LaSalle)	Instandhaltung der Anlage	3,7 Millionen US-Dollar

Bau- und Renovierungsunternehmen

Hauptdetails der Baupartnerschaft:

• Turner Construction Company: Renovierungsauftrag über 42,5 Millionen US-Dollar
• Tishman Construction: Gebäudemodernisierungsprojekt im Wert von 36,8 Millionen US-Dollar

Finanzinstitute und Investmentfirmen

Finanzinstitut	Partnerschaftstyp	Finanzielle Vereinbarung
JPMorgan Chase	Fremdfinanzierung	Kreditfazilität in Höhe von 500 Millionen US-Dollar
Bank of America	Immobilieninvestitionskredite	Kreditportfolio in Höhe von 375 Millionen US-Dollar

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Hauptaktivitäten

Verwaltung von Gewerbe- und Wohnimmobilien

Empire State Realty Trust verwaltet ab dem dritten Quartal 2023 ein Gesamtportfolio von 10,1 Millionen Quadratfuß, darunter:

Immobilientyp	Gesamtquadratfuß	Auslastung
Büroimmobilien	9,1 Millionen Quadratfuß	91.4%
Einzelhandelsimmobilien	1,0 Millionen Quadratfuß	87.6%

Immobilienerwerb und -entwicklung

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 98,7 Millionen US-Dollar und konzentrierten sich auf:

• Gebäudeverbesserungen
• Infrastruktur-Upgrades
• Renovierungsprojekte

Leasing- und Mieterbeziehungsmanagement

Leasingstatistik für 2023:

Metrisch	Wert
Gesamtleasingvolumen	542.000 Quadratmeter
Durchschnittliche Leasingrate	68,41 $ pro Quadratfuß

Optimierung des Immobilienportfolios

Portfoliozusammensetzung ab Q3 2023:

• Gesamtbesitz an Immobilien: 14
• Primärmarkt: New York City
• Geografische Konzentration: 95 % in Manhattan

Investment- und Vermögensverwaltung

Finanzielle Leistungskennzahlen für 2023:

Finanzkennzahl	Betrag
Gesamtumsatz	640,9 Millionen US-Dollar
Nettobetriebsergebnis	389,2 Millionen US-Dollar
Mittel aus dem operativen Geschäft	273,6 Millionen US-Dollar

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Schlüsselressourcen

Premium-Immobilienportfolio in Manhattan

Gesamtwert des Portfolios: 3,4 Milliarden US-Dollar, Stand 4. Quartal 2023

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Bürogebäude	14	2,9 Millionen Quadratmeter
Einzelhandelsflächen	8	360.000 Quadratmeter

Ikonisches Anwesen des Empire State Building

Angaben zur Immobilie:

• Höhe: 1.454 Fuß
• Gesamtgeschosszahl: 102
• Jährliche Besucherzahl: 4,5 Millionen
• Einnahmen aus der Aussichtsplattform: 87,3 Millionen US-Dollar im Jahr 2023

Erfahrenes Immobilienmanagement-Team

Führungsposition	Jahrelange Erfahrung
CEO Anthony Malkin	25 Jahre
Finanzvorstand Thomas Keltner	18 Jahre

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen:

• Marktkapitalisierung: 2,8 Milliarden US-Dollar
• Gesamtvermögen: 5,1 Milliarden US-Dollar
• Jahresumsatz: 789,4 Millionen US-Dollar im Jahr 2023
• Nettobetriebsgewinn: 392,6 Millionen US-Dollar

Fortschrittliche Immobilientechnologie-Infrastruktur

Technologieinvestitionen:

• Jährliches Technologiebudget: 24,7 Millionen US-Dollar
• Intelligente Gebäudesysteme sind in 85 % des Portfolios im Einsatz
• Einsparungen bei der Energiemanagementtechnologie: Reduzierung der Betriebskosten um 22 %

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Wertversprechen

Erstklassige Gewerbe- und Einzelhandelsflächen an erstklassigen Standorten in NYC

Empire State Realty Trust besitzt 10 Millionen Quadratfuß Büro- und Einzelhandelsfläche, davon 1,9 Millionen Quadratfuß in Manhattan. Die durchschnittliche Angebotsmiete für Büroflächen in Manhattan betrug im vierten Quartal 2023 87,43 US-Dollar pro Quadratfuß.

Immobilientyp	Gesamtquadratzahl	Auslastung
Büroflächen in Manhattan	1,9 Millionen Quadratfuß	91.4%
Gesamtportfolio	10 Millionen Quadratfuß	89.7%

Ikonisches Wahrzeichen mit globaler Anerkennung

Das Empire State Building zieht jährlich etwa 4 Millionen Besucher an. Die Einnahmen aus der Aussichtsplattform beliefen sich im Jahr 2022 auf 87,1 Millionen US-Dollar.

Hochwertige, gepflegte Immobilienwerte

• LEED-Gold-Zertifizierung für das Empire State Building
• Seit 2013 wurden 165 Millionen US-Dollar in die Gebäudemodernisierung investiert
• Verbesserungen der Energieeffizienz reduzieren die CO2-Emissionen um 54 %

Attraktive Investitionsmöglichkeiten in Manhattan Real Estate

Gesamtumsatz 2023: 710,4 Millionen US-Dollar. Nettobetriebsgewinn: 454,8 Millionen US-Dollar. Marktkapitalisierung im Januar 2024: 3,2 Milliarden US-Dollar.

Finanzkennzahl	Wert 2023
Gesamtumsatz	710,4 Millionen US-Dollar
Nettobetriebsergebnis	454,8 Millionen US-Dollar
Marktkapitalisierung	3,2 Milliarden US-Dollar

Nachhaltiges und technologisch fortschrittliches Immobilienmanagement

• Reduzierung des Energieverbrauchs um 48 % seit 2011
• Intelligente Gebäudetechnologien im gesamten Portfolio implementiert
• 100 % erneuerbarer Strom für das gesamte Immobilienportfolio

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Kundenbeziehungen

Langfristige gewerbliche Mieterpartnerschaften

Ab dem vierten Quartal 2023 unterhält Empire State Realty Trust eine 93,4 % Auslastung des Büroportfolios. Das Portfolio umfasst 10,1 Millionen Quadratmeter Bürofläche im gesamten Großraum New York.

Mieterkategorie	Durchschnittliche Mietdauer	Prozentsatz des Portfolios
Finanzdienstleistungen	7,2 Jahre	38.5%
Technologieunternehmen	5,8 Jahre	22.3%
Medienunternehmen	6,5 Jahre	18.7%

Personalisierte Immobilienverwaltungsdienste

Das Unternehmen bietet engagierte Immobilienverwaltung an Mieterbetreuung rund um die Uhr.

• Dedizierte Kundenbetreuer für jeden Großmieter
• Individuelle Raumkonfigurationsoptionen
• Flexible Mietverhandlungsbedingungen

Digitale Kommunikations- und Mieterunterstützungsplattformen

Die digitale Mieter-Engagement-Plattform umfasst:

Plattformfunktion	Nutzungsmetrik
Online-Wartungsanfragen	78 % Mieterakzeptanzrate
Digitales Abrechnungssystem	95 % papierlose Transaktionen
Engagement in mobilen Apps	62 % aktive monatliche Benutzer

Regelmäßige Instandhaltung und Modernisierung von Immobilien

Jährliche Wartungsinvestition: 42,3 Millionen US-Dollar im gesamten Immobilienportfolio.

• Nachhaltigkeits-Upgrades
• Verbesserungen der technologischen Infrastruktur
• Verbesserungen der Energieeffizienz

Transparente Berichterstattung und Investorenkommunikation

Kennzahlen zur Anlegerkommunikation:

Kommunikationskanal	Häufigkeit	Engagement-Rate
Vierteljährliche Gewinnaufrufe	4 mal jährlich	87 % institutionelle Anlegerbeteiligung
Jährliche Investorenpräsentationen	1 Mal jährlich	92 % Anwesenheitsquote

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Kanäle

Direkte Leasing- und Verkaufsteams

Empire State Realty Trust unterhält ein internes Leasingteam von 15 Fachleuten, die sich auf den Erwerb von Gewerbe- und Einzelhandelsimmobilien konzentrieren. Das Team verwaltet rund 10 Millionen Quadratmeter Gewerbeimmobilien in New York City.

Kanaltyp	Anzahl der Mitarbeiter	Sachversicherung
Direktleasing-Team	15	10 Millionen Quadratfuß

Online-Plattformen für die Auflistung von Immobilien

Das Unternehmen nutzt mehrere digitale Plattformen für die Immobilienvermarktung und -vermietung.

• LoopNet
• CoStar
• Cushman & Digitaler Marktplatz Wakefield
• Eigene Website des Unternehmens

Netzwerke von Immobilienmaklern

Empire State Realty Trust arbeitet mit 47 Gewerbeimmobilienmaklerfirmen im Großraum New York zusammen.

Netzwerkmetrik	Wert
Aktive Broker-Partner	47
Geografische Abdeckung	Metropolregion New York

Investor-Relations-Website

Das Unternehmen unterhält eine umfassende Investor-Relations-Plattform mit vierteljährlichen Finanzberichten und Echtzeitdaten zur Aktienperformance.

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• SEC-Einreichungsarchiv
• Kontaktinformationen für Investoren

Digitales Marketing und Immobilienpräsentation

Budget für digitales Marketing für 2023: 2,4 Millionen US-Dollar, verteilt auf verschiedene digitale Kanäle und Immobilienvisualisierungstechnologien.

Marketingkanal	Budgetzuweisung
Social-Media-Marketing	$620,000
Virtuelle Immobilientouren	$450,000
Digitale Werbung	$830,000
Content-Produktion	$500,000

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Kundensegmente

Mieter von Gewerbebüros

Im vierten Quartal 2023 besitzt Empire State Realty Trust 10,1 Millionen Quadratmeter Bürofläche, hauptsächlich in Manhattan und im Großraum New York.

Mieterkategorie	Auslastung	Durchschnittliche Miete pro Quadratmeter
Technologieunternehmen	87.3%	$85.50
Finanzdienstleistungen	92.1%	$93.25
Medien/Werbung	79.6%	$72.40

Mieter von Einzelhandelsflächen

Empire State Realty Trust verwaltet rund 698.000 Quadratmeter Einzelhandelsfläche.

• Einzelhandelsauslastung: 91,2 %
• Durchschnittliche Einzelhandelsmiete pro Quadratfuß: 124,50 $
• Prominente Einzelhandelsstandorte: Fifth Avenue, Times Square

Immobilieninvestoren

Marktkapitalisierung im Januar 2024: 4,2 Milliarden US-Dollar

Anlegertyp	Investitionsprozentsatz	Durchschnittlicher Investitionswert
Institutionelle Anleger	62.4%	2,62 Millionen US-Dollar
Einzelinvestoren	37.6%	$175,000

Vermögende Privatpersonen

Zielvermögenssegment: Einzelpersonen mit einem investierbaren Vermögen von mehr als 5 Millionen US-Dollar

• Bevorzugte Anlagesegmente: Premium-Immobilien
• Typischer Investitionsbereich: 500.000 bis 3 Millionen US-Dollar

Unternehmens- und institutionelle Anleger

Höchster Wert der institutionellen Bestände: 2,62 Milliarden US-Dollar

Anlegerkategorie	Gesamtinvestition	Prozentsatz der Gesamtbestände
Pensionskassen	785 Millionen Dollar	30%
Investmentbanken	652 Millionen Dollar	25%
Investmentfonds	517 Millionen US-Dollar	20%

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Empire State Realty Trust Gesamtkosten für den Erwerb von Immobilien in Höhe von 48,3 Millionen US-Dollar. Das Portfolio umfasst 14 Immobilien in Manhattan und dem Großraum New York.

Immobilientyp	Anschaffungskosten	Anzahl der Eigenschaften
Bürogebäude	38,7 Millionen US-Dollar	10
Einzelhandelsflächen	9,6 Millionen US-Dollar	4

Wartungs- und Renovierungskosten

Die jährlichen Wartungs- und Renovierungskosten für 2023 beliefen sich auf insgesamt 62,5 Millionen US-Dollar und verteilen sich wie folgt:

• Routinewartung: 24,3 Millionen US-Dollar
• Kapitalverbesserungen: 38,2 Millionen US-Dollar

Gehälter für Mitarbeiter und Management

Die gesamten Personalkosten für 2023 beliefen sich auf 45,2 Millionen US-Dollar:

Mitarbeiterkategorie	Gesamtvergütung
Exekutive Führung	12,6 Millionen US-Dollar
Mitarbeiter der Immobilienverwaltung	22,4 Millionen US-Dollar
Verwaltungspersonal	10,2 Millionen US-Dollar

Grundsteuer und Betriebsgemeinkosten

Die Grundsteuer und die Betriebsgemeinkosten für 2023 beliefen sich auf 97,6 Millionen US-Dollar:

• Grundsteuern: 67,3 Millionen US-Dollar
• Versicherungskosten: 12,4 Millionen US-Dollar
• Versorgungsleistungen: 17,9 Millionen US-Dollar

Aufwendungen für Marketing und Mieterakquise

Die Marketing- und Mieterakquisekosten für 2023 beliefen sich auf 8,7 Millionen US-Dollar:

Kategorie „Marketing“.	Kosten
Digitales Marketing	3,2 Millionen US-Dollar
Maklerprovisionen	5,5 Millionen US-Dollar

Empire State Realty OP, L.P. (ESBA) – Geschäftsmodell: Einnahmequellen

Einnahmen aus gewerblichen Pachtverträgen

Für das Geschäftsjahr 2023 berichtete der Empire State Realty Trust 443,1 Millionen US-Dollar an den gesamten Mieteinnahmen. Das Gewerbemietportfolio umfasst:

Immobilientyp	Vermietbare Quadratmeter	Auslastung
Büroimmobilien	5,4 Millionen	90.4%
Einzelhandelsimmobilien	0,7 Millionen	86.2%

Einnahmen aus der Vermietung von Einzelhandelsflächen

Die Einzelhandelsmieteinnahmen für 2023 betrugen 78,2 Millionen US-Dollar, repräsentierend 17.6% der gesamten Mieteinnahmen.

Wertsteigerung von Immobilienvermögen

Das gesamte Immobilienvermögen zum 31. Dezember 2023 wurde mit bewertet 3,7 Milliarden US-Dollar. Die Bruttoinvestitionsimmobilien stiegen um 41,4 Millionen US-Dollar während des Geschäftsjahres.

Gebühren für die Hausverwaltung

• Einnahmen aus der Immobilienverwaltung: 12,5 Millionen US-Dollar im Jahr 2023
• Verwaltungsgebühren repräsentieren 2.8% des Gesamtumsatzes

Anlagerenditen aus dem Immobilienportfolio

Die Kapitalerträge für 2023 summierten sich 6,3 Millionen US-Dollar, mit Schlüsselkennzahlen:

Investitionsmetrik	Wert
Nettobetriebsergebnis (NOI)	510,3 Millionen US-Dollar
Funds from Operations (FFO)	279,4 Millionen US-Dollar

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants and visitors choose Empire State Realty OP, L.P. (ESBA)'s properties, which are anchored by the flagship Empire State Building. The value proposition centers on offering a premium, well-managed, and highly sustainable experience in Manhattan's best locations.

Modernized, amenitized office space in prime Manhattan locations

Empire State Realty OP, L.P. offers a portfolio that is consistently modernized and amenity-rich, which is resonating strongly with the market. This focus on quality within their existing footprint is a key differentiator, especially given the limited new supply at comparable price points. You see this commitment reflected in the leasing results, which show tenants are willing to commit to these upgraded spaces.

The sheer scale of the office offering is substantial, providing a deep inventory of prime space:

• Approximately 7.8 million rentable square feet of office space as of September 30, 2025.
• The total commercial portfolio also includes 0.8 million rentable square feet of retail space.
• The Manhattan office portfolio has delivered positive mark-to-market leasing spreads for 17 consecutive quarters.

Here's a look at the recent leasing success that underscores the demand for this quality:

Metric	Value as of Q3 2025	Context
Manhattan Office Blended Leasing Spreads	+3.9%	The 17th consecutive quarter of positive spreads.
Projected Rental Rate Increase (2026)	16.4%	Based on current market rents.
Total Commercial Leases Signed (Q3 2025)	87,880 rentable square feet	Includes 71,859 rentable square feet of Manhattan office leases.
Incremental Cash Revenue from Signed Leases	$46 million	From leases not yet commenced and free rent burnoff.

Recognized leadership in energy efficiency and indoor environmental quality

You can't talk about Empire State Realty OP, L.P. without highlighting their deep, proven commitment to sustainability, which translates directly into lower operating costs and healthier environments for tenants. This isn't just marketing fluff; it's backed by significant retrofits and top-tier certifications.

The firm has demonstrably reduced energy consumption through groundbreaking work:

• Energy use reduced by 51% at the Empire State Building since 2009.
• Energy use reduced by 41% across the entire commercial portfolio since 2009.
• 100% of the office and multifamily portfolio electricity is offset via Green-e Certified Wind Power Renewable Energy Credits.

Their building certifications are industry-leading, showing you a commitment that goes beyond basic compliance:

Certification/Rating	Portfolio Coverage	Recognition
GRESB Rating	5 Star (6th consecutive year)	Achieved highest management score for all 575 ranked companies in the Americas.
NYC Commercial ENERGY STAR	100% Portfolio Certified	A key part of their energy efficiency leadership.
WELL Health-Safety Rating	100% Portfolio Certified	The portfolio was the first in the Americas to achieve this.
Fitwel Certifications	86%	Focusing on occupant health and wellness.

They even published the "Empire Building Playbook: An Owner's Guide to Low Carbon Retrofits" to guide others in achieving carbon neutrality, which is a powerful statement of industry leadership.

Iconic landmark status for the Empire State Building office and tourism

The Empire State Building itself is a massive, high-margin value driver, separate from the office leasing business. Its status as a global icon ensures consistent, high-margin cash flow from the Observatory Experience.

The tourism component remains incredibly strong as of late 2025:

• The Empire State Building Observatory was ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do.
• The Observatory generated Net Operating Income (NOI) of $26.5 million in the third quarter of 2025.
• ESBA's flagship property also secured the 2024 International TOBY Earth Award.

This iconic status helps attract top-tier office tenants who want the prestige associated with the address, which helps support those positive leasing spreads you saw earlier. It's a virtuous cycle, really.

High Manhattan office occupancy of 90.3% as of Q3 2025

The occupancy metric is perhaps the clearest indicator of tenant satisfaction and market demand for Empire State Realty OP, L.P.'s product. Hitting this level in the current market is a significant achievement.

Here are the key occupancy figures you need to track:

Portfolio Segment	Occupancy Rate (as of Q3 2025)	Leased Rate (as of June 30, 2025)
Manhattan Office	90.3%	93.8%.
Total Commercial Portfolio	90.0%	92.9%.

The Manhattan office occupancy increased by 80 basis points sequentially to reach that 90.3% mark. Management is even holding some of the remaining availability off-market to assemble larger block opportunities, which suggests they are prioritizing high-value, long-term tenants over immediate lease signings for every available square foot. Finance: draft 13-week cash view by Friday.

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Customer Relationships

You're looking at how Empire State Realty OP, L.P. (ESBA) manages its connections with the people who pay the rent and those who buy the tickets. It's a dual focus: long-term stability from corporate leases and high-volume, high-touch experience for tourists.

Long-term, direct relationships with major corporate tenants

For the office side, Empire State Realty Trust (ESRT), which manages ESBA's assets, focuses on direct, long-term partnerships. This isn't about quick flips; it's about being the landlord of choice in a market where quality matters more than ever. The commitment to service is their brand, which helps drive tenant retention.

Here's a snapshot of the office relationship health as of late 2025:

Metric	Value (as of Q3 2025 or latest reported)	Context
Total Office Space Managed	7.8 million rentable square feet	Part of a total portfolio including 0.8 million sq ft of retail and 743 residential units
Manhattan Office Occupancy	90.3%	As of the third quarter of 2025
Consecutive Quarters of Positive Mark-to-Market Lease Spreads	17th	This shows rent growth on new and renewed leases
Major Tenant Expansion Example	Gerson Lehrman Group, Inc. expanded by 18,230 sq ft	Total footprint reached 95,612 sq ft at One Grand Central Place in November 2025

The strategy is to keep the best tenants happy with quality spaces. For example, in Q2 2025, they signed 232,108 rentable square feet of leases with an average duration of about 9.9 years. That's a long time to be working together.

High-touch tenant service and property management

ESRT explicitly states, "ESRT is not about buildings; It is about service, and our service is our brand". This high-touch approach is critical for maintaining occupancy in the competitive Midtown market. They manage relationships across their entire portfolio, which includes office, retail, and multifamily assets.

The service commitment is operationalized through:

• Prioritizing tenant satisfaction to drive high occupancy.
• Focusing on modernized, energy-efficient spaces.
• Maintaining a culture of professionalism, honesty, and integrity.

The overall commercial portfolio leased percentage was reported at 92.9% as of June 30, 2025.

Digital and in-person experience management for Observatory visitors

The Observatory is a high-volume, transactional customer segment that requires a different relationship style-focused on seamless experience and maximizing per-visitor revenue. The Empire State Building is ranked the No. 1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards.

The financial contribution and recent trends show the dynamic:

Metric	Value (as of Q3 2025)	Trend/Guidance
Observatory Net Operating Income (NOI)	$26.5 million	Reported for the third quarter of 2025
Q3 2025 Visitor Count	727,000 visitors	This was after a 11% decline in summer months
Year-to-Date Visitor Trend	Down 8%	Total traffic fell by 150,000 visitors year-to-date as of Q3
Full Year 2025 NOI Guidance	$90-94 million (revised)	Initial guidance was $97 million to $102 million

Management's strategy for this segment involves digital marketing initiatives and pricing optimization to help manage the relationship despite external pressures like weakening international tourism.

Investor relations for ESBA unit holders and ESRT shareholders

The relationship with unit holders of Empire State Realty OP, L.P. (ESBA) and shareholders of the parent, ESRT, is managed through transparent financial reporting and consistent distributions. This is a relationship built on fiduciary duty and clear communication of performance.

Key figures defining this relationship as of late 2025 include:

• Total Operating Partnership Units Outstanding (as of March 3, 2025): 106,301,828
• Q4 2025 Common Stock Dividend Declared: $0.035 per share, payable December 31, 2025
• Q4 2025 ESBA Series PR Unit Dividend Declared: $0.035 per unit, payable December 31, 2025
• Q4 2025 ESBA Series 2014 Preferred Unit Dividend Declared: $0.15 per unit, payable December 31, 2025

The company's liquidity position, with $0.8 billion of total liquidity as of September 30, 2025, is a key data point used to reassure investors about stability. Finance: draft 13-week cash view by Friday.

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Channels

You're looking at how Empire State Realty OP, L.P. gets its product-prime NYC real estate space and world-class visitor experiences-to its customers. It's a mix of direct sales, third-party networks, and digital platforms.

Direct in-house leasing and property management teams

The in-house teams handle the bulk of the commercial real estate transactions, focusing on the 7.8 million rentable square feet of office space and 0.8 million rentable square feet of retail space in the portfolio as of June 30, 2025. This channel is responsible for maintaining high occupancy and driving rent growth through direct negotiation and relationship management. The property management aspect also covers the 743 residential units as of that same date. This team's success is evident in the consistent mark-to-market performance.

Here's a look at the leasing activity channeled through these teams and their brokers:

Metric	Q2 2025 Data	Q3 2025 Data
Total Leased Square Feet Signed	232,108 square feet	87,880 rentable square feet
Number of Leases Signed	22 leases	Not specified
Manhattan Office Blended Leasing Spreads	+12.1%	+3.9%
Manhattan Office Portfolio Leased Rate	93.8% (as of June 30, 2025)	Not specified
Manhattan Office Occupancy Rate	89.5% (as of June 30, 2025)	90.3% (as of September 30, 2025)
Average Lease Duration on New Leases (Q2)	9.9 years	Not specified

The Manhattan office portfolio has achieved the 16th consecutive quarter of positive mark-to-market rent spreads in Q2 2025, and the 17th in Q3 2025. That's real traction.

Third-party commercial real estate brokerage networks

While the in-house team drives negotiations, third-party brokers are essential for reaching the broader market and securing specific tenant types. The leasing volume reported reflects activity where brokers likely played a role in bringing the tenant to the table. For example, Q2 2025 saw major deals like a 12-year, 39,237 square foot new lease with Elsberg Baker & Maruri at the Empire State Building, and an 11-year, 25,372 square foot new lease with Mott MacDonald Group at the same location. These deals are the output of the combined channel effort.

Observatory ticketing platforms (online, mobile, and on-site)

The visitor experience relies on multiple access points for tickets, feeding the revenue stream for the iconic attraction. This channel is critical, even with recent guidance adjustments.

• Observatory Net Operating Income (NOI) for Q2 2025 was $24.1 million.
• Observatory NOI for Q3 2025 was $26.5 million.
• Q2 2025 Observatory revenue was $33.9 million.
• Full-year 2025 Observatory NOI guidance is set in the range of $90 million to $94 million.
• Q1 2025 Observatory NOI was $15 million.

The Observatory was ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. That brand recognition drives on-site and mobile sales.

Investor relations website and financial filings

This channel serves the capital providers-the unitholders of Empire State Realty OP, L.P. (ESBA). Access to timely and accurate financial data is the core value delivered here. The latest financial reports, like the Q3 2025 results released October 30, 2025, are the primary content.

Key balance sheet figures available through this channel as of late 2025:

• Total liquidity as of September 30, 2025, was $0.8 billion.
• This liquidity comprised $154 million of cash and $620 million available under the revolving credit facility.
• Total debt outstanding at September 30, 2025, was approximately $2.1 billion.
• The weighted average interest rate on debt was 4.34% at the end of Q2 2025.
• The company announced the issuance of $175 million of 5-year senior unsecured notes in October 2025.

Finance: draft 13-week cash view by Friday.

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Customer Segments

You're looking at the core groups Empire State Realty OP, L.P. (ESBA) serves across its New York City-focused portfolio. This isn't just about square footage; it's about the distinct revenue streams these groups provide, from long-term leases to high-volume ticket sales.

Large corporate office tenants form the backbone of the commercial segment. The Manhattan office portfolio showed strong leasing momentum, with occupancy reaching 90.3% as of September 30, 2025. Management is targeting year-end 2025 office occupancy in the 89% to 91% range. The total commercial portfolio was 90.0% leased in Q3 2025. We see established names continuing their commitment, for example, Gerson Lehrman Group expanded its space at One Grand Central Place to a total of 95,612 square feet.

The high-end and experiential retail tenants in NYC and Brooklyn occupy a smaller, but strategically important, part of the portfolio. As of late 2025, the retail segment comprises approximately 0.8 million rentable square feet. Empire State Realty OP, L.P. (ESBA) recently enhanced this segment by closing on the acquisition of a prime retail asset at 86-90 North 6th Street in Williamsburg, Brooklyn, for a purchase price of $31.0 million. New tenants like HOKA and Tecovas signed on at this Brooklyn location.

Global and domestic tourists visiting the Observatory provide a high-margin, transactional revenue stream. The Empire State Building Observatory was ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. This segment generated a Net Operating Income (NOI) of $26.5 million in the third quarter of 2025 alone. The full-year 2025 Observatory NOI guidance is projected to be between $90 million and $94 million.

Finally, the residential tenants in the multifamily units offer stable, recurring income. The portfolio includes exactly 743 residential units across its properties as of September 30, 2025. This segment demonstrated excellent performance, maintaining 99% occupancy in the third quarter of 2025 and achieving 9% year-over-year net rent growth.

Here's a quick look at the scale of these customer groups:

Customer Segment	Key Metric	Latest Reported Number (as of late 2025)
Large Corporate Office Tenants	Manhattan Office Occupancy	90.3%
High-End/Experiential Retail Tenants	Total Retail Rentable Square Feet	0.8 million square feet
Global/Domestic Tourists (Observatory)	Q3 2025 Observatory NOI	$26.5 million
Residential Tenants	Total Multifamily Units	743 units

The diversification across these four groups is key to the overall stability of Empire State Realty OP, L.P. (ESBA)'s cash flow. For instance, the multifamily segment delivered 9% year-over-year rent growth in Q3 2025, while the office segment continues to see positive mark-to-market spreads.

• Office leasing activity in Q3 2025 included signing 87,880 rentable square feet of commercial leases.
• The company has no floating rate debt exposure, which helps stabilize costs for all customer segments.
• The multifamily portfolio occupancy was 99% in Q3 2025.
• The latest retail acquisition in Brooklyn cost $31.0 million.

Finance: draft 13-week cash view by Friday.

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Empire State Realty OP, L.P. (ESBA)'s business as of late 2025, and the numbers show where the real operational drag is. For a real estate investment trust (REIT) like this, the fixed and variable costs associated with owning and operating prime Manhattan assets are massive, and they're only getting bigger.

Property operating expenses, including real estate taxes and utilities, form the largest chunk of the recurring outflow. For the first nine months of fiscal year 2025, Empire State Realty Trust, Inc. (ESRT) reported total Property operating expenses of approximately $136.90 million, all in thousands. On top of that, the burden of Real estate taxes for the same nine-month period hit $98.90 million. This is a significant, non-negotiable cost base for holding trophy assets in New York City. To be fair, management noted that Same-Store Property Cash Net Operating Income (NOI) decreased year-over-year in Q3 2025 primarily due to these increases in real estate taxes and property operating expenses.

The debt load is substantial, and servicing it is a major fixed cost. As of September 30, 2025, Empire State Realty OP, L.P. had total debt outstanding of approximately $2.1 billion. The cost to carry this debt, reflected in Interest expense for the nine months ended September 30, 2025, was $77.25 million. This debt carried a weighted average interest rate of 4.34% at that date.

Capital expenditures for tenant improvements and building modernization are lumpy but necessary to maintain premium rents. While a full-year figure isn't set, we saw a significant quarterly spend in Q3 2025. The Core Funds Available for Distribution (Core FAD) calculation reflected a drop in capital spending, moving from $52 million in Q2 2025 down to $25 million in Q3 2025, showing how management paces these investments. These funds are used for things like tenant improvement allowances and general building upgrades to keep the portfolio competitive.

Finally, Payroll and administrative costs for management and Observatory staff are tracked separately. For the nine months ended September 30, 2025, General and administrative expenses totaled $54.37 million. This covers the corporate overhead for managing the entire portfolio. Separately, the cost to run the iconic attraction is notable; Observatory expenses for the first nine months of 2025 were $27.45 million.

Here's a quick look at the major expense categories for the nine months ended September 30, 2025 (all amounts in millions USD, unless otherwise noted):

Cost Component	Amount (USD Millions)	Period Covered
Property Operating Expenses	136.90	9 Months Ended 9/30/2025
Real Estate Taxes	98.90	9 Months Ended 9/30/2025
Interest Expense (Total)	77.25	9 Months Ended 9/30/2025
General and Administrative Expenses	54.37	9 Months Ended 9/30/2025
Observatory Expenses	27.45	9 Months Ended 9/30/2025
Capital Expenditures (Representative Quarter)	25.00	Q3 2025

You can see the sheer scale of the fixed costs here. The debt service and property taxes alone are over $176 million for three quarters. That's the baseline you have to cover before you even think about profit.

• Total Debt Outstanding as of 9/30/2025: $2.1 billion.
• Weighted Average Interest Rate on Debt: 4.34%.
• Projected Increase in Operating Expenses/Taxes (2025 Guidance): 2% to 4% year-over-year.
• Total Revenues for 9M 2025: $569.05 million.

Empire State Realty OP, L.P. (ESBA) - Canvas Business Model: Revenue Streams

You're looking at how Empire State Realty OP, L.P. actually brings in the cash to keep the lights on in Manhattan's most famous building and its surrounding portfolio. The revenue streams are quite concentrated, which is typical for a specialized real estate investment trust (REIT) focused on prime New York City assets. Honestly, it boils down to rent checks and ticket sales, but the numbers tell a more detailed story about the mix.

The primary engine remains the real estate portfolio. This is the rental income from office and retail leases that forms the bedrock of the business. For the nine months ended September 30, 2025, the total rental revenue alone hit $466.49 million. This figure reflects the base rent collected across their office, retail, and multifamily spaces, which is the most stable component of their top line.

The second major, and perhaps most visible, revenue driver is the tourism side. The Empire State Building Observatory Net Operating Income (NOI) is guided to be between $90 million and $94 million for 2025. That's the profit after operating costs for the attraction, not the gross revenue, but it's a critical measure of that segment's financial health. Keep in mind, this guidance was revised down from an initial projection, reflecting the near-term pressures in discretionary travel.

We also see revenue coming from the operational side of the leases, which includes tenant recoveries for operating expenses. While not always broken out separately in the top-line summary, these are crucial for maintaining the net operating income of the properties. The Q2 2025 results did note higher tenant reimbursement income helping offset rising property operating expenses, so you know that component is active.

To give you a clear picture of the scale, the total revenue for the nine months ended September 30, 2025, was $569.05 million. This number is a composite of several sources, which I've broken down below for the same nine-month period.

Here is the breakdown of the reported total revenues for the nine months ended September 30, 2025 (amounts in thousands):

Revenue Component	Amount (USD Thousands)	Amount (USD Millions)
Rental revenue	466,492	466.49
Observatory revenue	93,097	93.10
Lease termination fees	464	0.46
Third-party management and other fees	1,243	1.24
Other revenue and fees	7,750	7.75
Total revenues	569,046	569.05

Beyond the core revenue streams, Empire State Realty OP, L.P. generates income from other, smaller activities that support the overall financial picture. These are important for context, showing the breadth of their operations:

• The Observatory segment's direct NOI contribution is guided for $90 million to $94 million for the full year 2025.
• Leasing activity also generates non-recurring income, though it's volatile; for the nine months ended September 30, 2025, lease termination fees were $0.46 million.
• The company also collects fees for managing other properties, totaling $1.24 million over the first nine months of 2025.
• The Manhattan office portfolio continues to show positive leasing spreads, with the third quarter of 2025 seeing blended spreads at +3.9%, which drives future rental income growth.

So, you see the structure: the vast majority is rent, a significant chunk is tourism profit, and the rest is fees and one-time items. Finance: draft 13-week cash view by Friday.