The Sit-Down

Empire State of Mind: Tony Malkin on Empire State Realty Trust

Tony Malkin. (Credit: Aaron Adler)

Last year, the Empire State Realty Trust, a real estate investment trust that counts the Empire State Building among its assets, went public. Under the symbol ESRT, shares in the REIT have traded up over 14 percent since the initial public offering early last October. The road to the New York Stock Exchange was a somewhat rocky one for the REIT, with a small, yet vocal group of investors rallying against the initial public offering. Undeterred, Tony Malkin, the chairman, chief executive and president of ESRT, pushed forward, confident that the consolidation and public offering of the portfolio formerly known as Malkin Holdings was the best route for investors. Nearly six months since the NYSE’s bell tolled for ERST, Mr. Malkin’s confidence is paying dividends. Having just signed LinkedIn to a 160,000-square-foot lease at the Empire State Building, ESRT is committed to redeveloping both its globally beloved 34 Street asset and other properties in the portfolio. Mr. Malkin spoke to Commercial Observer last week about ESRT’s road to its IPO and what’s planned for the future. Read More

Lease Beat

LinkedIn Expands to 160,000SF at Empire State Building

Empire State Building. (Credit: Al Barbarino)

Social media networking company LinkedIn is reportedly expanding its presence in the Empire State Building by 44,000 square feet to approximately 160,000 square feet.

“The way the building’s lease expirations rolled allowed for a very creative expansion,” CBRE’s Sacha Zarba, who represented LinkedIn, told The Real Deal. “It’s very hard to find a building that can potentially work for your client five years down the line, but when you have a company that projects such explosive growth as LinkedIn, you have to think that way.”

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Trading CRE

ETRE Financial Files for IPO

Nasdaq

On Monday, ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT (proposed ticker is ECAV) on the NASDAQ exchange. Operating as a limited liability corporation, ETRE REIT would allow public investment in individual commercial real estate properties with the properties held as separate real estate investment trusts. Read More

Lease Beat

Burger Joint Smashes into Heavy Traffic Zone

Smashburger

Smashburger has signed a 5,432-square-foot new lease for a retail space at 10 West 33rd Street with plans to move in this coming April.

David Levy, principal of Adams & Co., who represented the tenant and the landlord, struck a concurrent deal for 1,385 square feet of contiguous space for a Dunkin Donuts.

“This is Read More

REBNY 2014

Such Great Heights: REBNY’S Year In Review

1WTC_ViewfromNJ

As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.  Read More

Year in Real Estate

The Year in Commercial Real Estate

YearInCover_web

An astounding 54.3 million tourists are expected to have visited New York City by the end of this year, many of them for the first time. And while, of course, for many of these visitors, a runway at LaGuardia or the back of a cab driver’s head will be their first impressions of the city, the more memorable vision will be the one that has been enchanting tourists ever since 1870, when construction workers topped out the 130-foot tall Equitable Life Assurance Building, long considered the Big Apple’s first skyscraper. Read More

Year in Real Estate

Initially Yours: the Fight to Make ‘ESRT’ A Reality

Empire State Building

Lawsuits, investor squabbles and multiple bids to purchase the Empire State Building didn’t stop Peter and Tony Malkin and the Empire State Realty Trust from going public with the “ESRT” real estate investment trust.  

Back in March, The Commercial Observer reported that the IPO was expected to succeed, but it wasn’t until Oct. 2 that the initial public offering—71,500,000 Read More

Controversies

Attorney General Reviewing Helmsley Estate Sale

Leona

The New York State Attorney General’s office is reportedly reviewing the Leona M. Helmsley estate’s liquidation of its stake in the properties launched as part of the Empire State Realty Trust REIT last month, which includes the Empire State Building.

The process will begin once the Helmsley estate files a final accounting of the sale Read More

Lease Beat

Fresh Planet App Spurs Growth, New Lease

Song Pop

New York City-based tech company Fresh Planet has reportedly signed a four-year, 12,500-square-foot lease at PRD Realty’s 19 West 34th Street.

The venture capital-backed startup, which created Song Pop, a music trivia game that lets users send challenges to other users, will more than double its space and more than triple its staff to 80 Read More

Lease Beat

Software Company Inks 10-Year Deal at 3 Park Avenue

3 Park Avenue

Cintra Software & Service Inc. has signed a 10-year, 8,424-square-foot lease on the 32nd floor of Cohen Brothers Realty‘s 3 Park Avenue.

The Oracle database and business service provider was drawn to the 42-story, orange brick building because of its convenient location and flexible floor plans, with plans to use the space for general and Read More

3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

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