Empire State Building thriving despite doom-and-gloom NY Times forecast
It wasn’t long ago that the New York Times — which never knew a commercial real estate success story that it liked — pronounced the Empire State Building all but doomed.
No fewer than 10 Times reporters collaborated on a in 2021, wꩲhich pronounced the great landmark’s꧂ future “in doubt” due to a supposed pandemic exodus of tenants and the impact of working from home on the office market.
But as we’ve reported several times since the Times’ embarrassing blunder, King Kong’s favorite sꦕkyscraper conti꧋nues to thrive.
Its offices and retail spaces that were 90% leased at the time of the premature obituary are now 93% leased, according to Empire State Realty Trust’s Q1 e꧒arning call.
In the latest new office deal, Pontera Solutions just signed for 41,000 square feet — relocating and growing from 10,539 square feet at ESRT’s 111 W. 33rd St. Pontera is a fintech firm specializing in software for retirement account financial advisors.
The asking rent was $79 per square foot.
Its move to Empire State follows Greater New York Mutual Insurance Com෴pany, which recently took a full-floor, 52,000 💃square-foot space.
JLL’s Justin Haber and Kyle Riker represented Pontera. Newmark’s Scott Klau, Erik Harris, and Neil Rubinꦆ acted for the landlord with 🌊ESRT’s Shanae Ursini in-house.
The Empire State Building also recently land👍ed Ghirarde𒊎lli and Samurice as new retail tenants.
The tow🍃er, which ESRT spent nearly $1 billion to modernize and upgrade after it took sol𒉰e control of the property, is due for another step forward.
Soon to open is a tenants-only amenities center boast𝕴ing basketball and pickleball courts, golf simulator𒁃s, “town hall” space and a lounge.