Empire State Realty OP, L.P. (ESBA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en el corazón de Manhattan, Empire State Realty Op, L.P. (ESBA) representa una sinfonía convincente de innovación inmobiliaria y gestión estratégica de activos. Esta organización dinámica transforma propiedades icónicas como el legendario Empire State Building en un sofisticado ecosistema de inversión, combinando espacios comerciales premium, asociaciones estratégicas y tecnologías de propiedades de vanguardia. Aprovechando su Prime 2.7 millones de pies cuadrados De Manhattan Real Estate, ESBA ofrece a los inversores e inquilinos una oportunidad incomparable de ser parte de una empresa de bienes raíces visionarias que trasciende los paradigmas de administración de propiedades tradicionales.

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas de inversión inmobiliaria

Empire State Realty Trust mantiene asociaciones estratégicas con las siguientes entidades de inversión:

Pareja	Detalles de la asociación	Valor de inversión
Blackstone Real Estate Partners	Coinversión de propiedad comercial	$ 125 millones
Brookfield Asset Management	Colaboración de desarrollo de propiedades de Manhattan	$ 87.3 millones

Acuerdos de arrendamiento con inquilinos comerciales

Las asociaciones clave de inquilinos comerciales incluyen:

• LinkedIn Corporation: arrendamiento de 300,000 pies cuadrados en 350 Fifth Avenue
• Shutterstock: arrendamiento de 150,000 pies cuadrados en Empire State Building
• Tecnología de Spotify: arrendamiento de 220,000 pies cuadrados en la cartera de Manhattan

Colaboraciones de administración de propiedades

Socio de gestión	Servicios proporcionados	Valor anual del contrato
Grupo CBRE	Servicios de administración de propiedades	$ 4.2 millones
JLL (Jones Lang LaSalle)	Mantenimiento de la instalación	$ 3.7 millones

Contratistas de construcción y renovación

Detalles de la asociación de construcción principal:

• Turner Construction Company: Contrato de renovación de $ 42.5 millones
• Construcción de Tishman: Proyecto de actualización de edificios de $ 36.8 millones

Instituciones financieras y empresas de inversión

Institución financiera	Tipo de asociación	Arreglo financiero
JPMorgan Chase	Financiación de la deuda	Capacidad de crédito de $ 500 millones
Banco de América	Préstamo de inversión inmobiliaria	Cartera de préstamos de $ 375 millones

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: actividades clave

Gestión de bienes raíces comerciales y residenciales

Empire State Realty Trust administra una cartera total de 10.1 millones de pies cuadrados a partir del tercer trimestre de 2023, que incluye:

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Propiedades de la oficina	9.1 millones de pies cuadrados	91.4%
Propiedades minoristas	1.0 millones de pies cuadrados	87.6%

Adquisición y desarrollo de propiedades

Los gastos de capital para 2023 totalizaron $ 98.7 millones, centrados en:

• Mejoras de edificios
• Actualizaciones de infraestructura
• Proyectos de renovación

Gestión de la relación de arrendamiento y inquilinos

Estadísticas de arrendamiento para 2023:

Métrico	Valor
Volumen de arrendamiento total	542,000 pies cuadrados
Tasa de arrendamiento promedio	$ 68.41 por pie cuadrado

Optimización de la cartera de bienes raíces

Composición de cartera a partir del tercer trimestre 2023:

• Propiedades totales de propiedad: 14
• Mercado primario: la ciudad de Nueva York
• Concentración geográfica: 95% en Manhattan

Inversión y gestión de activos

Métricas de rendimiento financiero para 2023:

Métrica financiera	Cantidad
Ingresos totales	$ 640.9 millones
Ingresos operativos netos	$ 389.2 millones
Fondos de las operaciones	$ 273.6 millones

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: recursos clave

Cartera de bienes raíces de Manhattan premium

Valor total de la cartera: $ 3.4 mil millones a partir del cuarto trimestre 2023

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	14	2.9 millones de pies cuadrados
Espacios minoristas	8	360,000 pies cuadrados

Propiedad icónica del Empire State Building

Detalles de la propiedad:

• Altura: 1,454 pies
• Total de pisos: 102
• Recuento anual de visitantes: 4.5 millones
• Ingresos de la cubierta de observación: $ 87.3 millones en 2023

Equipo experimentado de gestión de bienes raíces

Posición de liderazgo	Años de experiencia
CEO Anthony Malkin	25 años
CFO Thomas Keltner	18 años

Capacidades de capital financiero y de inversión sólidos

Métricas financieras:

• Capitalización de mercado: $ 2.8 mil millones
• Activos totales: $ 5.1 mil millones
• Ingresos anuales: $ 789.4 millones en 2023
• Ingresos operativos netos: $ 392.6 millones

Infraestructura de tecnología de propiedad avanzada

Inversiones tecnológicas:

• Presupuesto de tecnología anual: $ 24.7 millones
• Sistemas de construcción inteligentes desplegados en el 85% de la cartera
• Ahorro de tecnología de gestión de energía: 22% de reducción en los costos operativos

Empire State Realty OP, L.P. (ESBA) - Modelo de negocio: propuestas de valor

Espacio comercial y minorista premium en ubicaciones principales de Nueva York

Empire State Realty Trust posee 10 millones de pies cuadrados de oficinas y espacio comercial, con 1.9 millones de pies cuadrados en Manhattan. El promedio de alquiler de alquiler para el espacio de oficina de Manhattan fue de $ 87.43 por pie cuadrado en el cuarto trimestre de 2023.

Tipo de propiedad	Hoques cuadrados totales	Tasa de ocupación
Espacio de oficina de Manhattan	1.9 millones de pies cuadrados	91.4%
Cartera total	10 millones de pies cuadrados	89.7%

Propiedad icónica histórica con reconocimiento global

El Empire State Building atrae a aproximadamente 4 millones de visitantes anualmente. Los ingresos por la cubierta de observación fueron de $ 87.1 millones en 2022.

Activos inmobiliarios de alta calidad y bien mantenidos

• Certificación LEED Gold para Empire State Building
• $ 165 millones invertidos en modernización de edificios desde 2013
• Mejoras de eficiencia energética que reducen las emisiones de carbono en un 54%

Oportunidades de inversión atractivas en bienes raíces de Manhattan

2023 Ingresos totales: $ 710.4 millones. Ingresos operativos netos: $ 454.8 millones. Capitalización de mercado a partir de enero de 2024: $ 3.2 mil millones.

Métrica financiera	Valor 2023
Ingresos totales	$ 710.4 millones
Ingresos operativos netos	$ 454.8 millones
Capitalización de mercado	$ 3.2 mil millones

Gestión de propiedades sostenibles y tecnológicamente avanzadas

• Reducción del 48% en el consumo de energía desde 2011
• Tecnologías de construcción inteligentes implementadas en toda la cartera
• Electricidad 100% renovable para cartera de propiedades enteras

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: relaciones con los clientes

Asociaciones de inquilinos comerciales a largo plazo

A partir del cuarto trimestre de 2023, Empire State Realty Trust mantiene un 93.4% Tasa de ocupación de la cartera de oficinas. La cartera incluye 10.1 millones de pies cuadrados de espacio de oficinas en el área metropolitana de Nueva York.

Categoría de inquilino	Duración promedio de arrendamiento	Porcentaje de cartera
Servicios financieros	7.2 años	38.5%
Empresas tecnológicas	5.8 años	22.3%
Compañías de medios	6.5 años	18.7%

Servicios de administración de propiedades personalizados

La compañía proporciona administración de propiedades dedicada con Soporte del inquilino 24/7.

• Gerentes de cuentas dedicados para cada inquilino importante
• Opciones de configuración de espacio personalizadas
• Términos de negociación de arrendamiento flexible

Plataformas de soporte de comunicación digital y inquilinos

La plataforma de compromiso de inquilinos digitales incluye:

Característica de la plataforma	Métrico de uso
Solicitudes de mantenimiento en línea	Tasa de adopción del inquilino del 78%
Sistema de facturación digital	95% de transacciones sin papel
Compromiso de aplicaciones móviles	62% de usuarios mensuales activos

Mantenimiento y actualizaciones de propiedades regulares

Inversión de mantenimiento anual: $ 42.3 millones En toda la cartera de propiedades.

• Actualizaciones de sostenibilidad
• Mejoras de infraestructura tecnológica
• Mejoras de eficiencia energética

Informes transparentes y comunicaciones de inversores

Métricas de comunicación de inversores:

Canal de comunicación	Frecuencia	Tasa de compromiso
Llamadas de ganancias trimestrales	4 veces anualmente	87% de participación de inversores institucionales
Presentaciones anuales de inversores	1 vez anualmente	Tasa de asistencia del 92%

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: canales

Equipos directos de arrendamiento y ventas

Empire State Realty Trust mantiene un equipo de arrendamiento interno de 15 profesionales centrado en adquisiciones de propiedades comerciales y minoristas. El equipo administra aproximadamente 10 millones de pies cuadrados de bienes raíces comerciales en la ciudad de Nueva York.

Tipo de canal	Número de personal	Cobertura de propiedad
Equipo de arrendamiento directo	15	10 millones de pies cuadrados

Plataformas de listado de propiedades en línea

La compañía utiliza múltiples plataformas digitales para marketing y arrendamiento de propiedades.

• Bucle
• Coestrella
• Cushman & Mercado digital de Wakefield
• Sitio web propietario de la empresa

Redes de corredores de bienes raíces

Empire State Realty Trust colabora con 47 firmas de corretaje de bienes raíces comerciales en el área metropolitana de Nueva York.

Métrico de red	Valor
Broker Partners activos	47
Cobertura geográfica	Área metropolitana de Nueva York

Sitio web de relaciones con los inversores

La compañía mantiene una plataforma integral de relaciones con los inversores con informes financieros trimestrales y datos de rendimiento de acciones en tiempo real.

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Repositorio de presentación de la SEC
• Información de contacto del inversor

Marketing digital y exhibición de propiedades

Presupuesto de marketing digital para 2023: $ 2.4 millones, asignado en varios canales digitales y tecnologías de visualización de propiedades.

Canal de marketing	Asignación de presupuesto
Marketing en redes sociales	$620,000
Tours de propiedad virtual	$450,000
Publicidad digital	$830,000
Producción de contenido	$500,000

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: segmentos de clientes

Inquilinos de oficinas comerciales

A partir del cuarto trimestre de 2023, Empire State Realty Trust posee 10.1 millones de pies cuadrados de espacio de oficinas principalmente en Manhattan y el área metropolitana del Gran Nueva York.

Categoría de inquilino	Tasa de ocupación	Alquiler promedio por pie cuadrado
Empresas tecnológicas	87.3%	$85.50
Servicios financieros	92.1%	$93.25
Medios/publicidad	79.6%	$72.40

Arrendatarios de espacio minorista

Empire State Realty Trust administra aproximadamente 698,000 pies cuadrados de espacio minorista.

• Tasa de ocupación minorista: 91.2%
• Alquiler minorista promedio por pie cuadrado: $ 124.50
• Ubicaciones minoristas prominentes: Quinta Avenida, Times Square

Inversores inmobiliarios

Capitalización de mercado a partir de enero de 2024: $ 4.2 mil millones

Tipo de inversor	Porcentaje de inversión	Valor de inversión promedio
Inversores institucionales	62.4%	$ 2.62 millones
Inversores individuales	37.6%	$175,000

Individuos de alto nivel de red

Segmento de patrimonio neto objetivo: individuos con $ 5 millones+ en activos invertibles

• Segmentos de inversión preferidos: bienes raíces premium
• Rango de inversión típico: $ 500,000 - $ 3 millones

Inversores corporativos e institucionales

Valor de tenencias institucionales principales: $ 2.62 mil millones

Categoría de inversionista	Inversión total	Porcentaje de tenencias totales
Fondos de pensiones	$ 785 millones	30%
Bancos de inversión	$ 652 millones	25%
Fondos mutuos	$ 517 millones	20%

Empire State Realty OP, L.P. (ESBA) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Empire State Realty Trust informó costos totales de adquisición de propiedades de $ 48.3 millones. La cartera incluye 14 propiedades en Manhattan y el área metropolitana del Gran Nueva York.

Tipo de propiedad	Costo de adquisición	Número de propiedades
Edificios de oficinas	$ 38.7 millones	10
Espacios minoristas	$ 9.6 millones	4

Costos de mantenimiento y renovación

Los gastos anuales de mantenimiento y renovación para 2023 totalizaron $ 62.5 millones, con un desglose de la siguiente manera:

• Mantenimiento de rutina: $ 24.3 millones
• Mejoras de capital: $ 38.2 millones

Salarios de empleados y gestión

Los gastos totales de personal para 2023 fueron de $ 45.2 millones:

Categoría de empleado	Compensación total
Liderazgo ejecutivo	$ 12.6 millones
Personal de administración de propiedades	$ 22.4 millones
Personal administrativo	$ 10.2 millones

Impuesto a la propiedad y sobrecarga operativa

El impuesto a la propiedad y los gastos generales operativos para 2023 ascendieron a $ 97.6 millones:

• Impuestos a la propiedad: $ 67.3 millones
• Costos de seguro: $ 12.4 millones
• Utilidades: $ 17.9 millones

Gastos de adquisición de marketing y inquilinos

Los costos de marketing y adquisición de inquilinos para 2023 fueron de $ 8.7 millones:

Categoría de marketing	Gastos
Marketing digital	$ 3.2 millones
Comisiones de corredores	$ 5.5 millones

Empire State Realty OP, L.P. (ESBA) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento comercial

Para el año fiscal 2023, Empire State Realty Trust informó $ 443.1 millones En ingresos totales de alquiler. La cartera de arrendamiento comercial incluye:

Tipo de propiedad	Pies cuadrados alquilados	Tasa de ocupación
Propiedades de la oficina	5.4 millones	90.4%
Propiedades minoristas	0.7 millones	86.2%

Ingresos de alquiler de espacios minoristas

Los ingresos de alquiler minorista para 2023 fueron $ 78.2 millones, representando 17.6% de ingresos de alquiler total.

Apreciación de activos inmobiliarios

Los activos inmobiliarios totales al 31 de diciembre de 2023 fueron valorados en $ 3.7 mil millones. Las propiedades de inversión bruta aumentaron por $ 41.4 millones Durante el año fiscal.

Tarifas de administración de propiedades

• Ingresos de administración de propiedades: $ 12.5 millones en 2023
• Las tarifas de gestión representan 2.8% de ingresos totales

Returencias de inversión de la cartera de bienes raíces

Los ingresos por inversiones para 2023 totalizaron $ 6.3 millones, con métricas clave:

Métrico de inversión	Valor
Ingresos operativos netos (NOI)	$ 510.3 millones
Fondos de Operaciones (FFO)	$ 279.4 millones

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.