WATCH: Tony Malkin Talks CRE Momentum on CNBC | ESRT

Onward and upward. 

Empire State Realty Trust held its quarterly earnings conference call to discuss its strong performance over the fourth quarter and throughout 2024 on Feb. 20. 

ESRT Chairman and CEO Anthony E. Malkin joined CNBC’s “The Exchange” in a segment that day to discuss current trends in commercial real estate, leasing momentum, and the outlook for offices in New York City. 

See highlights from the earnings call and Malkin’s interview below!

Leasing Wins

On the call, EVP, Real Estate Tom Durels announced that the REIT signed approximately 379,000 rentable square feet of office leases in the fourth quarter, and 1.325 million rentable square feet of office and retail leases in 2024. As of December 2024, the total commercial portfolio is 93.5% leased. 

The strong leasing activity included:  

• A major renewal and 78,704 square foot expansion lease with an investment management tenant at One Grand Central Place. 

• A 37,186 square foot expansion with longtime Empire State Building tenant Booking Holdings, which more than doubled their existing space for a total footprint of 64,563 square feet at the iconic landmark. 

• A renewal and expansion with the New York State Energy Research and Development Authority (NYSERDA) for a total of 38,550 square feet at 1333 Broadway. 

Observatory Performance

Another notable tidbit from the call was strong Observatory performance, with fourth quarter net operating income (NOI) that neared $30 million. President Christina Chiu noted NOI total of $99.5 million for the year.