Empire State Realty OP, L.P. (ESBA): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur de Manhattan, Empire State Realty OP, L.P. (ESBA) représente une symphonie convaincante de l'innovation immobilière et de la gestion des actifs stratégiques. Cette organisation dynamique transforme les propriétés emblématiques comme le légendaire Empire State Building en un écosystème d'investissement sophistiqué, mélangeant des espaces commerciaux haut de gamme, des partenariats stratégiques et des technologies immobilières de pointe. En tirant parti de son 2,7 millions de pieds carrés De Manhattan Real Estate, l'ESBA offre aux investisseurs et aux locataires une occasion inégalée de faire partie d'une entreprise immobilière visionnaire qui transcende les paradigmes traditionnels de gestion immobilière.

Empire State Realty OP, L.P. (ESBA) - Modèle commercial: partenariats clés

Partenariats stratégiques d'investissement immobilier

Empire State Realty Trust entretient des partenariats stratégiques avec les entités d'investissement suivantes:

Partenaire	Détails du partenariat	Valeur d'investissement
Blackstone Real Estate Partners	Co-investissement de propriété commerciale	125 millions de dollars
Brookfield Asset Management	Collaboration de développement immobilier de Manhattan	87,3 millions de dollars

Accords de location avec des locataires commerciaux

Les partenariats clés des locataires commerciaux comprennent:

• LinkedIn Corporation: bail de 300 000 pieds carrés au 350 Fifth Avenue
• Shutterstock: bail de 150 000 pieds carrés à Empire State Building
• Technologie Spotify: bail de 220 000 pieds carrés dans le portefeuille de Manhattan

Collaborations de gestion immobilière

Partenaire de gestion	Services fournis	Valeur du contrat annuel
Groupe CBRE	Services de gestion immobilière	4,2 millions de dollars
Jll (Jones Lang Lasalle)	Entretien d'installation	3,7 millions de dollars

Entrepreneurs de construction et de rénovation

Détails du partenariat de construction primaire:

• Turner Construction Company: Contrat de rénovation de 42,5 millions de dollars
• Tishman Construction: 36,8 millions de dollars Projet de mise à niveau des bâtiments

Institutions financières et sociétés d'investissement

Institution financière	Type de partenariat	Arrangement financier
JPMorgan Chase	Financement de la dette	Facilité de crédit de 500 millions de dollars
Banque d'Amérique	Prêt d'investissement immobilier	Portefeuille de prêts de 375 millions de dollars

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: Activités clés

Gestion de l'immobilier commercial et résidentiel

Empire State Realty Trust gère un portefeuille total de 10,1 millions de pieds carrés au troisième trimestre 2023, notamment:

Type de propriété	Total des pieds carrés	Taux d'occupation
Propriétés du bureau	9,1 millions de pieds carrés	91.4%
Propriétés de vente au détail	1,0 million de pieds carrés	87.6%

Acquisition et développement des biens

Les dépenses en capital pour 2023 ont totalisé 98,7 millions de dollars, axée sur:

• Améliorations des bâtiments
• Mises à niveau des infrastructures
• Projets de rénovation

Location et gestion des relations locataires

Statistiques de location pour 2023:

Métrique	Valeur
Volume de location totale	542 000 pieds carrés
Taux de location moyen	68,41 $ par pied carré

Optimisation du portefeuille immobilier

Composition du portefeuille au troisième trimestre 2023:

• Propriétés totales possédées: 14
• Marché primaire: New York City
• Concentration géographique: 95% à Manhattan

Investissement et gestion des actifs

Mesures de performance financière pour 2023:

Métrique financière	Montant
Revenus totaux	640,9 millions de dollars
Bénéfice d'exploitation net	389,2 millions de dollars
Fonds des opérations	273,6 millions de dollars

Empire State Realty OP, L.P. (ESBA) - Modèle commercial: Ressources clés

Portfolio immobilier premium Manhattan

Valeur du portefeuille total: 3,4 milliards de dollars au troisième trimestre 2023

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immeubles de bureaux	14	2,9 millions de pieds carrés
Espaces de vente au détail	8	360 000 pieds carrés

Empire State Building Propriété emblématique

Détails de la propriété:

• Hauteur: 1 454 pieds
• Total étages: 102
• Compte annuel des visiteurs: 4,5 millions
• Revenus de pont d'observation: 87,3 millions de dollars en 2023

Équipe de gestion immobilière expérimentée

Poste de direction	Années d'expérience
PDG Anthony Malkin	25 ans
CFO Thomas Keltner	18 ans

Capacités financières et investissements solides

Métriques financières:

• Capitalisation boursière: 2,8 milliards de dollars
• Actif total: 5,1 milliards de dollars
• Revenu annuel: 789,4 millions de dollars en 2023
• Résultat d'exploitation net: 392,6 millions de dollars

Infrastructure de technologie immobilière avancée

Investissements technologiques:

• Budget technologique annuel: 24,7 millions de dollars
• Systèmes de construction intelligents déployés dans 85% du portefeuille
• Économies de technologie de gestion de l'énergie: réduction de 22% des coûts opérationnels

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: propositions de valeur

Espace commercial et de vente au détail premium dans les emplacements Prime NYC

Empire State Realty Trust possède 10 millions de pieds carrés d'espace de bureau et de vente au détail, avec 1,9 million de pieds carrés à Manhattan. Le loyer demandé moyen pour l'espace de bureau de Manhattan était de 87,43 $ par pied carré au quatrième trimestre 2023.

Type de propriété	Total en pieds carrés	Taux d'occupation
Espace de bureau de Manhattan	1,9 million de pieds carrés	91.4%
Portefeuille total	10 millions de pieds carrés	89.7%

Propriété emblématique Landmark avec reconnaissance mondiale

L'Empire State Building attire environ 4 millions de visiteurs par an. Les revenus du pont d'observation étaient de 87,1 millions de dollars en 2022.

Actifs immobiliers bien entretenus de haute qualité

• Certification LEED Gold pour l'Empire State Building
• 165 millions de dollars investis dans la modernisation de la construction depuis 2013
• Améliorations de l'efficacité énergétique Réduire les émissions de carbone de 54%

Opportunités d'investissement attrayantes dans l'immobilier de Manhattan

2023 Revenu total: 710,4 millions de dollars. Résultat d'exploitation net: 454,8 millions de dollars. Capitalisation boursière en janvier 2024: 3,2 milliards de dollars.

Métrique financière	Valeur 2023
Revenus totaux	710,4 millions de dollars
Bénéfice d'exploitation net	454,8 millions de dollars
Capitalisation boursière	3,2 milliards de dollars

Gestion des propriétés durables et technologiquement avancées

• Réduction de 48% de la consommation d'énergie depuis 2011
• Technologies de construction intelligentes implémentées à travers le portefeuille
• 100% d'électricité renouvelable pour le portefeuille de propriétés

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: relations clients

Partenariats de locataires commerciaux à long terme

Au Q4 2023, Empire State Realty Trust conserve un Taux d'occupation du portefeuille de 93,4%. Le portefeuille comprend 10,1 millions de pieds carrés d'espace de bureau dans la région métropolitaine de New York.

Catégorie des locataires	Durée de location moyenne	Pourcentage de portefeuille
Services financiers	7,2 ans	38.5%
Entreprises technologiques	5,8 ans	22.3%
Sociétés de médias	6,5 ans	18.7%

Services de gestion immobilière personnalisés

La société fournit une gestion immobilière dédiée Support de locataire 24/7.

• Gestionnaires de comptes dédiés pour chaque locataire majeur
• Options de configuration d'espace personnalisées
• Conditions de négociation de location flexible

Plateformes de communication numérique et de support des locataires

La plate-forme d'engagement des locataires numériques comprend:

Fonctionnalité de plate-forme	Métrique d'utilisation
Demandes de maintenance en ligne	Taux d'adoption des locataires de 78%
Système de facturation numérique	Transactions sans papier à 95%
Engagement des applications mobiles	62% utilisateurs mensuels actifs

Entretien et mises à niveau des biens réguliers

Investissement annuel sur la maintenance: 42,3 millions de dollars à travers le portefeuille de propriétés.

• Mises à niveau de la durabilité
• Améliorations des infrastructures technologiques
• Améliorations de l'efficacité énergétique

Reportage transparent et communications des investisseurs

Métriques de communication des investisseurs:

Canal de communication	Fréquence	Taux d'engagement
Appels de résultats trimestriels	4 fois par an	87% de participation des investisseurs institutionnels
Présentations des investisseurs annuels	1 fois par an	Taux de fréquentation de 92%

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: canaux

Équipes de location directe et de vente

Empire State Realty Trust maintient une équipe de location interne de 15 professionnels axée sur les acquisitions de propriétés commerciales et commerciales. L'équipe gère environ 10 millions de pieds carrés de biens immobiliers commerciaux à New York.

Type de canal	Nombre de membres du personnel	Couverture de la propriété
Équipe de location directe	15	10 millions de pieds carrés

Plateformes d'inscription de propriétés en ligne

L'entreprise utilise plusieurs plateformes numériques pour le marketing et la location immobilières.

• LOOPTNET
• Costar
• Cushman & Market numérique de Wakefield
• Site Web propriétaire de l'entreprise

Réseaux de courtiers immobiliers

Empire State Realty Trust collabore avec 47 sociétés de courtage immobilier commerciales dans la région métropolitaine de New York.

Métrique du réseau	Valeur
Partners de courtier actif	47
Couverture géographique	Région métropolitaine de New York

Site Web de relations avec les investisseurs

La société maintient une plate-forme complète des relations avec les investisseurs avec des rapports financiers trimestriels et des données de performance en temps réel.

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Référentiel de classement SEC
• Coordonnées des investisseurs

Marketing numérique et présentation de propriété

Budget de marketing numérique pour 2023: 2,4 millions de dollars, alloué sur divers canaux numériques et technologies de visualisation immobilière.

Canal de marketing	Allocation budgétaire
Marketing des médias sociaux	$620,000
Visites de propriété virtuelle	$450,000
Publicité numérique	$830,000
Production de contenu	$500,000

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: segments de clientèle

Locataires de bureaux commerciaux

Au quatrième trimestre 2023, Empire State Realty Trust possède 10,1 millions de pieds carrés d'espace de bureau principalement à Manhattan et dans la région métropolitaine de New York.

Catégorie des locataires	Taux d'occupation	Loyer moyen par pied carré
Entreprises technologiques	87.3%	$85.50
Services financiers	92.1%	$93.25
Média / publicité	79.6%	$72.40

Les locataires de l'espace de vente au détail

Empire State Realty Trust gère environ 698 000 pieds carrés d'espace de vente au détail.

• Taux d'occupation de la vente au détail: 91,2%
• Loyer de détail moyen par pied carré: 124,50 $
• Emplacements de vente au détail de premier plan: Fifth Avenue, Times Square

Investisseurs immobiliers

Capitalisation boursière en janvier 2024: 4,2 milliards de dollars

Type d'investisseur	Pourcentage d'investissement	Valeur d'investissement moyenne
Investisseurs institutionnels	62.4%	2,62 millions de dollars
Investisseurs individuels	37.6%	$175,000

Individus à haute nette

Segment de valeur nette cible: les personnes avec 5 millions de dollars + en actifs investissables

• Segments d'investissement préférés: immobilier premium
• Gamme d'investissement typique: 500 000 $ - 3 millions de dollars

Investisseurs d'entreprise et institutionnels

Top Institutional Holdings Valeur: 2,62 milliards de dollars

Catégorie d'investisseurs	Investissement total	Pourcentage de titulaires totaux
Fonds de pension	785 millions de dollars	30%
Banques d'investissement	652 millions de dollars	25%
Fonds communs de placement	517 millions de dollars	20%

Empire State Realty OP, L.P. (ESBA) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Empire State Realty Trust a déclaré que les coûts d'acquisition de propriétés totaux de 48,3 millions de dollars. Le portefeuille comprend 14 propriétés à Manhattan et dans la région métropolitaine du Grand New York.

Type de propriété	Coût d'acquisition	Nombre de propriétés
Immeubles de bureaux	38,7 millions de dollars	10
Espaces de vente au détail	9,6 millions de dollars	4

Coûts d'entretien et de rénovation

Les frais de maintenance et de rénovation annuels pour 2023 ont totalisé 62,5 millions de dollars, avec une ventilation comme suit:

• Entretien de routine: 24,3 millions de dollars
• Améliorations en capital: 38,2 millions de dollars

Salaires des employés et de la gestion

Les dépenses totales du personnel pour 2023 étaient de 45,2 millions de dollars:

Catégorie des employés	Compensation totale
Leadership exécutif	12,6 millions de dollars
Personnel de gestion immobilière	22,4 millions de dollars
Personnel administratif	10,2 millions de dollars

Taxe foncière et frais généraux opérationnels

Les frais de frais généraux et de frais généraux opérationnels pour 2023 s'élevaient à 97,6 millions de dollars:

• Taxes foncières: 67,3 millions de dollars
• Coûts d'assurance: 12,4 millions de dollars
• Services publics: 17,9 millions de dollars

Frais de marketing et d'acquisition des locataires

Les coûts de marketing et d'acquisition des locataires pour 2023 étaient de 8,7 millions de dollars:

Catégorie marketing	Frais
Marketing numérique	3,2 millions de dollars
Commissions de courtier	5,5 millions de dollars

Empire State Realty OP, L.P. (ESBA) - Modèle commercial: Strots de revenus

Revenu de location commerciale

Pour l'exercice 2023, Empire State Realty Trust a rapporté 443,1 millions de dollars dans le total des revenus de location. Le portefeuille de location commercial comprend:

Type de propriété	Pieds carrés louables	Taux d'occupation
Propriétés du bureau	5,4 millions	90.4%
Propriétés de vente au détail	0,7 million	86.2%

Revenus de location d'espace de vente au détail

Les revenus de location de détail pour 2023 étaient 78,2 millions de dollars, représentant 17.6% du total des revenus de location.

Appréciation des actifs immobiliers

Les actifs immobiliers totaux au 31 décembre 2023 étaient évalués à 3,7 milliards de dollars. Les propriétés d'investissement brutes ont augmenté de 41,4 millions de dollars pendant l'exercice.

Frais de gestion immobilière

• Revenus de gestion immobilière: 12,5 millions de dollars en 2023
• Les frais de gestion représentent 2.8% de revenus totaux

Les rendements des investissements du portefeuille immobilier

Les revenus de placement pour 2023 ont totalisé 6,3 millions de dollars, avec des mesures clés:

Métrique d'investissement	Valeur
Résultat d'exploitation net (NOI)	510,3 millions de dollars
Fonds des opérations (FFO)	279,4 millions de dollars

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.