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Empire State Realty Trust (ESRT) announced a significant lease expansion with law firm Hecker Fink LLP at the Empire State Building. The firm signed a full-floor expansion of 26,782 square feet, bringing their total office space to 53,779 square feet across two floors. The expansion follows the firm’s seven-year tenancy in the building, which offers over 65,000 square feet of amenities including dining options, a tenant-only fitness center, conference center, and the Empire Lounge. ESRT highlighted its track record of tenant expansions, noting 293 expansion leases totaling 2.8 million square feet since their IPO.
Empire State Realty Trust (ESRT) ha annunciato una significativa espansione di leasing con lo studio legale Hecker Fink LLP presso l’Empire State Building. Lo studio ha firmato un’espansione di un intero piano di 24.853 metri quadrati, portando il loro spazio totale per uffici a 49.832 metri quadrati su due piani. L’espansione avviene dopo sette anni di affitto nello stabile, che offre oltre 6.000 metri quadrati di servizi, tra cui opzioni di ristorazione, un centro fitness riservato ai inquilini, un centro conferenze e l’Empire Lounge. ESRT ha evidenziato il suo record di espansioni per inquilini, notando 293 contratti di espansione per un totale di 260.000 metri quadrati dalla loro IPO.
Empire State Realty Trust (ESRT) anunció una significativa expansión de arrendamiento con el bufete de abogados Hecker Fink LLP en el Empire State Building. El bufete firmó una expansión de piso completo de 2,484 metros cuadrados, aumentando su espacio total de oficinas a 4,994 metros cuadrados en dos pisos. La expansión sigue a los siete años de arrendamiento de la firma en el edificio, que ofrece más de 6,000 metros cuadrados de comodidades, incluyendo opciones de restauración, un gimnasio exclusivo para inquilinos, un centro de conferencias y el Empire Lounge. ESRT destacó su historial de expansiones de inquilinos, señalando 293 contratos de expansión que suman 260,000 metros cuadrados desde su salida a bolsa.
엠파이어 스테이트 리얼티 트러스트 (ESRT)가 엠파이어 스테이트 빌딩에서 법무법인 헤커 핑크 LLP와의 중요한 임대 확장을 발표했습니다. 이 법인은 2,484 제곱미터의 전체 층 확장을 체결하여 총 사무실 공간이 4,994 제곱미터로 늘어났습니다. 이번 확장은 건물에서 7년간 임대한 후 이루어졌으며, 6,000 제곱미터 이상의 편의 시설을 제공합니다. 여기에는 식사 옵션, 세입자 전용 피트니스 센터, 회의 센터, 엠파이어 라운지가 포함됩니다. ESRT는 세입자 확장의 실적을 강조하며, IPO 이후 260,000 제곱미터에 해당하는 293건의 확장 임대 계약을 체결했다고 언급했습니다.
Empire State Realty Trust (ESRT) a annoncé une expansion significative du bail avec le cabinet d’avocats Hecker Fink LLP au sein de l’Empire State Building. Le cabinet a signé une expansion d’un étage complet de 2 484 mètres carrés, portant son espace total de bureaux à 4 994 mètres carrés répartis sur deux étages. L’expansion fait suite aux sept années de location du cabinet dans le bâtiment, qui propose plus de 6 000 mètres carrés d’équipements, y compris des options de restauration, un centre de remise en forme réservé aux locataires, un centre de conférences et l’Empire Lounge. ESRT a souligné son expérience en matière d’expansions pour les locataires, notant 293 baux d’expansion totalisant 260 000 mètres carrés depuis leur introduction en bourse.
Empire State Realty Trust (ESRT) gab eine bedeutende Mietexpansion mit der Kanzlei Hecker Fink LLP im Empire State Building bekannt. Die Kanzlei unterzeichnete eine Vollständige Etagenexpansion von 2.484 Quadratmetern, wodurch ihre gesamte Bürofläche auf 4.994 Quadratmeter in zwei Etagen ausgeweitet wird. Die Expansion folgt auf die siebenjährige Mietzeit der Kanzlei im Gebäude, das über 6.000 Quadratmeter Annehmlichkeiten bietet, einschließlich Speisemöglichkeiten, einem Fitnesscenter nur für Mieter, einem Konferenzzentrum und der Empire Lounge. ESRT hob seine Erfolgsbilanz bei Mieterweiterungen hervor und wies darauf hin, dass seit ihrem Börsengang 293 Erweiterungsmietverträge mit insgesamt 260.000 Quadratmetern abgeschlossen wurden.
Positive
- Secured significant lease expansion of 26,782 sq ft with existing tenant
- Total lease space increased to 53,779 sq ft, demonstrating strong tenant retention
- Strong track record of 293 expansion leases totaling 2.8M sq ft since IPO
Insights
This lease expansion represents a significant win for ESRT, reflecting strong tenant retention and expansion capabilities. The 26,782 square foot expansion brings Hecker Fink’s total footprint to 53,779 square feet, demonstrating ESRT’s ability to accommodate growing tenants in their flagship property. The deal contributes to ESRT’s impressive track record of 293 expansion leases totaling 2.8 million square feet since IPO.
The Empire State Building’s extensive amenities package and modernization efforts have proven effective in attracting and retaining quality tenants. Law firms typically sign long-term leases and invest significantly in their office buildouts, making them valuable, stable tenants. While specific lease terms aren’t disclosed, Class A office space in this location typically commands premium rates, suggesting positive revenue impact.
This expansion lease is particularly noteworthy given the challenging New York City office market environment, where many landlords struggle with occupancy and tenant retention. The deal validates ESRT’s strategy of investing in building modernization and premium amenities to differentiate their properties. The expansion by a prestigious law firm sends a positive signal about the building’s competitive position in the market.
The transaction demonstrates continued demand for high-quality office space in prime locations, despite broader market headwinds. Law firms remain one of the most active sectors in Manhattan’s office market and their space decisions often influence other professional service firms’ real estate strategies.
NEW YORK–(BUSINESS WIRE)– Empire State Realty Trust, Inc. (NYSE: ESRT) announced last week that it signed a full floor, 26,782 square foot expansion lease with law firm Hecker Fink LLP for a total of 53,779 square feet of office space across two floors at the iconic Empire State Building (ESB).
Hecker Fink LLP Expands 26,782 Square Feet with Empire State Realty Trust for a Total of 54k Square Feet at the Empire State Building (Photo: Business Wire)
“We’re excited to expand to a second floor of the Empire State Building, an iconic building that has been our home for the past seven years,” said Sean Hecker and Julie Fink, founding partners, Hecker Fink LLP. “This expansion reflects our continued growth as a market-leading trial and litigation firm, as well as our dedication to providing exceptional legal representation to our clients.”
The Empire State Building is a fully modernized landmark that offers newly built office space equipped with ESRT’s premier indoor environmental quality and sustainability measures. The building features more than 65,000 square feet of unmatched amenities which include eight in-building dining options, a tenant-only fitness center, conference center, and the Empire Lounge with a 400+ person all-hands space, basketball/pickleball court, and two golf simulators.
“Many tenants grow with us so they and their employees benefit from our portfolio’s convenient location, amenities, and modernized buildings. In fact, we have signed 293 expansion leases with existing tenants, for a total of 2.8 million square feet since our IPO,” said Thomas P. Durels, executive vice president, real estate at ESRT. “We are very pleased that Hecker Fink will expand their office space with us at the Empire State Building.”
Ira Schuman of Savills represented Hecker & Fink in the lease negotiations. Shanae Ursini of ESRT and Scott Klau, Erik Harris, and Neil Rubin of Newmark represented the property owner.
More information about the Empire State Building, and current office availability, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World’s Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the World – and the #1 Attraction in the U.S. for the third consecutive year – in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is the recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2024, ESRT’s portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 732 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.
Forward-Looking Statements
This press release includes “forward looking statements” within the meaning of the federal securities laws. You can identify these statements by use of words such as “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the risks and uncertainties detailed from time to time in the Company’s filings with the SEC and any failure of the conditions or events cited in this release. Except as may be required by law, the Company does not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Source: Empire State Realty Trust, Inc.
Category: Leasing
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029236821/en/
MEDIA:
Empire State Realty Trust
Jamie Steinberg
212-400-3339
Source: Empire State Realty Trust, Inc.
FAQ
How much space did Hecker Fink LLP expand at Empire State Building with ESRT?
Hecker Fink LLP expanded by 26,782 square feet, bringing their total office space to 53,779 square feet across two floors at the Empire State Building.
How many expansion leases has ESRT (NYSE: ESRT) signed since its IPO?
ESRT has signed 293 expansion leases, totaling 2.8 million square feet since their IPO.
What amenities does ESRT offer at the Empire State Building?
The Empire State Building offers over 65,000 square feet of amenities including eight dining options, a tenant-only fitness center, conference center, Empire Lounge with 400+ person space, basketball/pickleball court, and two golf simulators.
