Empire State Realty Op, L.P. (ESBA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado no coração de Manhattan, Empire State Realty Op, L.P. (ESBA) representa uma sinfonia convincente de inovação imobiliária e gerenciamento estratégico de ativos. Essa organização dinâmica transforma propriedades icônicas como o lendário Empire State Building em um sofisticado ecossistema de investimentos, misturando espaços comerciais premium, parcerias estratégicas e tecnologias de propriedade de ponta. Alavancando o seu Prime 2,7 milhões de pés quadrados De Manhattan Real Estate, a ESBA oferece aos investidores e inquilinos uma oportunidade incomparável de fazer parte de uma empresa imobiliária visionária que transcende os paradigmas tradicionais de gerenciamento de propriedades.

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas de investimento imobiliário

A Empire State Realty Trust mantém parcerias estratégicas com as seguintes entidades de investimento:

Parceiro	Detalhes da parceria	Valor de investimento
Parceiros imobiliários de Blackstone	Co-Investimento de Propriedade Comercial	US $ 125 milhões
Brookfield Asset Management	Colaboração de desenvolvimento imobiliário de Manhattan	US $ 87,3 milhões

Acordos de leasing com inquilinos comerciais

As principais parcerias de inquilinos comerciais incluem:

• LinkedIn Corporation: 300.000 pés quadrados de arrendamento na 350 Fifth Avenue
• Shutterstock: 150.000 pés quadrados de arrendamento no Empire State Building
• Tecnologia do Spotify: arrendamento de 220.000 pés quadrados no portfólio de Manhattan

Colaborações de gerenciamento de propriedades

Parceiro de gerenciamento	Serviços prestados	Valor anual do contrato
Grupo CBRE	Serviços de gerenciamento de propriedades	US $ 4,2 milhões
JLL (Jones Lang Lasalle)	Manutenção da instalação	US $ 3,7 milhões

Contratados de construção e renovação

Detalhes da parceria de construção primária:

• Turner Construction Company: contrato de renovação de US $ 42,5 milhões
• Tishman Construction: US $ 36,8 milhões para o projeto de atualização de construção

Instituições financeiras e empresas de investimento

Instituição financeira	Tipo de parceria	Acordo financeiro
JPMorgan Chase	Financiamento da dívida	Linha de crédito de US $ 500 milhões
Bank of America	Empréstimos de investimento imobiliário	Portfólio de empréstimos de US $ 375 milhões

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: Atividades -chave

Gerenciamento imobiliário comercial e residencial

Empire State Realty Trust gerencia um portfólio total de 10,1 milhões de pés quadrados a partir do terceiro trimestre de 2023, incluindo:

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Propriedades do escritório	9,1 milhões de pés quadrados	91.4%
Propriedades de varejo	1,0 milhão de pés quadrados	87.6%

Aquisição e desenvolvimento de propriedades

As despesas de capital para 2023 totalizaram US $ 98,7 milhões, focadas em:

• Melhorias de construção
• Atualizações de infraestrutura
• Projetos de renovação

Leasing e Gerenciamento de Relacionamento Inquilino

Estatísticas de leasing para 2023:

Métrica	Valor
Volume total de leasing	542.000 pés quadrados
Taxa média de arrendamento	US $ 68,41 por pé quadrado

Otimização do portfólio imobiliário

Composição do portfólio a partir do terceiro trimestre 2023:

• Propriedades totais de propriedade: 14
• Mercado Primário: Nova York
• Concentração geográfica: 95% em Manhattan

Gestão de investimentos e ativos

Métricas de desempenho financeiro para 2023:

Métrica financeira	Quantia
Receita total	US $ 640,9 milhões
Receita operacional líquida	US $ 389,2 milhões
Fundos das operações	US $ 273,6 milhões

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: Recursos -chave

Portfólio imobiliário premium de Manhattan

Valor total do portfólio: US $ 3,4 bilhões a partir do quarto trimestre 2023

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Edifícios de escritórios	14	2,9 milhões de pés quadrados
Espaços de varejo	8	360.000 pés quadrados

Empire State Building Propriedade icônica

Detalhes da propriedade:

• Altura: 1.454 pés
• Total de pisos: 102
• Contagem anual de visitantes: 4,5 milhões
• Receita do deck de observação: US $ 87,3 milhões em 2023

Equipe de gestão imobiliária experiente

Posição de liderança	Anos de experiência
CEO Anthony Malkin	25 anos
CFO Thomas Keltner	18 anos

Fortes capital financeiro e capacidades de investimento

Métricas financeiras:

• Capitalização de mercado: US $ 2,8 bilhões
• Total de ativos: US $ 5,1 bilhões
• Receita anual: US $ 789,4 milhões em 2023
• Receita operacional líquida: US $ 392,6 milhões

Infraestrutura de tecnologia de propriedade avançada

Investimentos de tecnologia:

• Orçamento de tecnologia anual: US $ 24,7 milhões
• Sistemas de construção inteligentes implantados em 85% do portfólio
• Economia de tecnologia de gerenciamento de energia: redução de 22% nos custos operacionais

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: proposições de valor

Espaço comercial e de varejo premium em locais de Nova York

A Empire State Realty Trust possui 10 milhões de pés quadrados de escritório e espaço de varejo, com 1,9 milhão de pés quadrados em Manhattan. A média pedindo aluguel para o espaço de escritório em Manhattan foi de US $ 87,43 por pé quadrado no quarto trimestre 2023.

Tipo de propriedade	Mágua quadrada total	Taxa de ocupação
Espaço de escritório em Manhattan	1,9 milhão de pés quadrados	91.4%
Portfólio total	10 milhões de pés quadrados	89.7%

Propriedade de referência icônica com reconhecimento global

O Empire State Building atrai aproximadamente 4 milhões de visitantes anualmente. A receita do deck de observação foi de US $ 87,1 milhões em 2022.

Ativos imobiliários de alta qualidade e bem mantidos

• Certificação LEED Gold para Empire State Building
• US $ 165 milhões investidos na construção de modernização desde 2013
• Melhorias de eficiência energética, reduzindo as emissões de carbono em 54%

Oportunidades de investimento atraentes no setor imobiliário de Manhattan

2023 Receita total: US $ 710,4 milhões. Receita operacional líquida: US $ 454,8 milhões. Capitalização de mercado em janeiro de 2024: US $ 3,2 bilhões.

Métrica financeira	2023 valor
Receita total	US $ 710,4 milhões
Receita operacional líquida	US $ 454,8 milhões
Capitalização de mercado	US $ 3,2 bilhões

Gerenciamento de propriedades sustentáveis ​​e tecnologicamente avançadas

• Redução de 48% no consumo de energia desde 2011
• Tecnologias de construção inteligentes implementadas em todo o portfólio
• 100% de eletricidade renovável para todo o portfólio de propriedades

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: Relacionamentos do cliente

Parcerias de inquilinos comerciais de longo prazo

A partir do quarto trimestre 2023, o Empire State Realty Trust mantém um 93,4% da taxa de ocupação do portfólio de escritórios. O portfólio inclui 10,1 milhões de pés quadrados de espaço de escritório na área metropolitana de Nova York.

Categoria de inquilino	Duração média do arrendamento	Porcentagem de portfólio
Serviços financeiros	7,2 anos	38.5%
Empresas de tecnologia	5,8 anos	22.3%
Empresas de mídia	6,5 anos	18.7%

Serviços personalizados de gerenciamento de propriedades

A empresa fornece gerenciamento de propriedades dedicado com Suporte de inquilino 24 horas por dia, 7 dias por semana.

• Gerentes de conta dedicados para cada inquilino principal
• Opções de configuração de espaço personalizadas
• Termos de negociação de arrendamento flexíveis

Comunicação digital e plataformas de suporte de inquilinos

A plataforma de engajamento de inquilinos digital inclui:

Recurso da plataforma	Métrica de uso
Solicitações de manutenção on -line	78% Taxa de adoção de inquilino
Sistema de cobrança digital	95% de transações sem papel
Engajamento de aplicativos móveis	62% de usuários mensais ativos

Manutenção regular de propriedades e atualizações

Investimento anual de manutenção: US $ 42,3 milhões através do portfólio de propriedades.

• Atualizações de sustentabilidade
• Melhorias de infraestrutura de tecnologia
• Aprimoramentos de eficiência energética

Relatórios transparentes e comunicações de investidores

Métricas de comunicação de investidores:

Canal de comunicação	Freqüência	Taxa de engajamento
Chamadas de ganhos trimestrais	4 vezes anualmente	87% de participação institucional do investidor
Apresentações anuais de investidores	1 tempo anualmente	Taxa de participação de 92%

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: Canais

Equipes diretas de leasing e vendas

O Empire State Realty Trust mantém uma equipe de leasing interna de 15 profissionais focados em aquisições de propriedades comerciais e de varejo. A equipe gerencia aproximadamente 10 milhões de pés quadrados de imóveis comerciais na cidade de Nova York.

Tipo de canal	Número de funcionários	Cobertura da propriedade
Equipe direta de leasing	15	10 milhões de pés quadrados

Plataformas de listagem de propriedades online

A empresa utiliza várias plataformas digitais para marketing de propriedades e leasing.

• Loopnet
• Costar
• Cushman & Wakefield Digital Marketplace
• Site proprietário da empresa

Redes de corretores imobiliários

O Empire State Realty Trust colabora com 47 corretoras comerciais de corretagem imobiliária na área metropolitana de Nova York.

Métrica de rede	Valor
Parceiros de corretor ativo	47
Cobertura geográfica	Área metropolitana de Nova York

Site de Relações com Investidores

A empresa mantém uma plataforma abrangente de relações com investidores com relatórios financeiros trimestrais e dados de desempenho em tempo real.

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Sec Repositório de arquivamento
• Informações de contato do investidor

Marketing digital e propriedades mostrando

Orçamento de marketing digital para 2023: US $ 2,4 milhões, alocado em vários canais digitais e tecnologias de visualização de propriedades.

Canal de marketing	Alocação de orçamento
Marketing de mídia social	$620,000
Tours de propriedade virtual	$450,000
Publicidade digital	$830,000
Produção de conteúdo	$500,000

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

Inquilinos de escritório comercial

A partir do quarto trimestre de 2023, o Empire State Realty Trust possui 10,1 milhões de pés quadrados de espaço de escritório principalmente em Manhattan e na área metropolitana da Grande York.

Categoria de inquilino	Taxa de ocupação	Aluguel médio por pé quadrado
Empresas de tecnologia	87.3%	$85.50
Serviços financeiros	92.1%	$93.25
Mídia/publicidade	79.6%	$72.40

Arrendatários do espaço de varejo

A Empire State Realty Trust administra aproximadamente 698.000 pés quadrados de espaço de varejo.

• Taxa de ocupação de varejo: 91,2%
• Aluguel de varejo médio por pé quadrado: US $ 124,50
• Locais de varejo proeminentes: Quinta Avenida, Times Square

Investidores imobiliários

Capitalização de mercado em janeiro de 2024: US $ 4,2 bilhões

Tipo de investidor	Porcentagem de investimento	Valor médio de investimento
Investidores institucionais	62.4%	US $ 2,62 milhões
Investidores individuais	37.6%	$175,000

Indivíduos de alta rede

Segmento de patrimônio líquido -alvo: indivíduos com US $ 5 milhões em ativos investíveis

• Segmentos de investimento preferidos: imóveis premium
• Faixa de investimento típica: US $ 500.000 - US $ 3 milhões

Investidores corporativos e institucionais

Principais participações institucionais Valor: US $ 2,62 bilhões

Categoria de investidores	Investimento total	Porcentagem do total de participações
Fundos de pensão	US $ 785 milhões	30%
Bancos de investimento	US $ 652 milhões	25%
Fundos mútuos	US $ 517 milhões	20%

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do quarto trimestre de 2023, o Empire State Realty Trust registrou custos totais de aquisição de propriedades de US $ 48,3 milhões. O portfólio inclui 14 propriedades em Manhattan e na área metropolitana da Grande York.

Tipo de propriedade	Custo de aquisição	Número de propriedades
Edifícios de escritórios	US $ 38,7 milhões	10
Espaços de varejo	US $ 9,6 milhões	4

Custos de manutenção e renovação

As despesas anuais de manutenção e renovação de 2023 totalizaram US $ 62,5 milhões, com um colapso da seguinte forma:

• Manutenção de rotina: US $ 24,3 milhões
• Melhorias de capital: US $ 38,2 milhões

Salários de funcionários e administração

O total de despesas de pessoal para 2023 foi de US $ 45,2 milhões:

Categoria de funcionários	Compensação total
Liderança executiva	US $ 12,6 milhões
Equipe de gerenciamento de propriedades	US $ 22,4 milhões
Pessoal administrativo	US $ 10,2 milhões

Imposto sobre a propriedade e sobrecarga operacional

Imposto sobre a propriedade e despesas gerais operacionais em 2023 totalizaram US $ 97,6 milhões:

• Impostos à propriedade: US $ 67,3 milhões
• Custos de seguro: US $ 12,4 milhões
• Utilitários: US $ 17,9 milhões

Despesas de marketing e aquisição de inquilinos

Os custos de aquisição de marketing e inquilino para 2023 foram de US $ 8,7 milhões:

Categoria de marketing	Despesa
Marketing digital	US $ 3,2 milhões
Comissões de corretor	US $ 5,5 milhões

Empire State Realty Op, L.P. (ESBA) - Modelo de negócios: fluxos de receita

Renda de arrendamento comercial

Para o ano fiscal de 2023, relatou o Empire State Realty Trust US $ 443,1 milhões na receita total de aluguel. O portfólio de arrendamento comercial inclui:

Tipo de propriedade	FETOS quadrados alugáveis	Taxa de ocupação
Propriedades do escritório	5,4 milhões	90.4%
Propriedades de varejo	0,7 milhão	86.2%

Receitas de aluguel de espaço de varejo

As receitas de aluguel de varejo para 2023 foram US $ 78,2 milhões, representando 17.6% de renda total de aluguel.

Apreciação de ativos imobiliários

Os ativos imobiliários totais em 31 de dezembro de 2023 foram avaliados em US $ 3,7 bilhões. Propriedades de investimento bruto aumentadas por US $ 41,4 milhões Durante o ano fiscal.

Taxas de gerenciamento de propriedades

• Receita de gerenciamento de propriedades: US $ 12,5 milhões em 2023
• As taxas de gerenciamento representam 2.8% de receita total

Retornos de investimento do portfólio imobiliário

Renda de investimento para 2023 totalizou US $ 6,3 milhões, com as principais métricas:

Métrica de investimento	Valor
Receita operacional líquida (NOI)	US $ 510,3 milhões
Fundos das operações (FFO)	US $ 279,4 milhões

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.