Empire State Building Lands Full-Floor Lease

January 26, 2024

Brokerage New York News Northeast More Office

CBRE represented a 109-year-old insurance company in the transaction.

Empire State Realty Trust has signed a 52,116-square-foot lease at its 2.8 million-square-foot Empire State Building in Midtown Manhattan.

Renowned Greater New York Mutual Insurance Co. will occupy a full floor at the 102-story skyscraper. CBRE represented the tenant, while Newmark negotiated on behalf of the landlord.

Greater New York Mutual is a 109-year-old insurance company that provides coverage solutions for commercial real estate operators. The firm’s Chairman & CEO Elizabeth Heck said in prepared remarks that Greater New York Mutual received an A+ rating from A.M. Best for more than 30 consecutive years.

With the signing of the new lease, the company will join the landmark tower’s tenants including LinkedIn, The Alberleen Group, Unipharm, Turkish Airlines and Federal Deposit Insurance, CommercialEdge data shows.

ESRT has owned the office tower since 2013, when it purchased the asset as part of a $711 million portfolio deal with Helmsley Enterprises, the same source reveals. Built in 1931, the Art Deco building at 350 Fifth Ave. includes 64 passenger elevators, controlled access, floorplates between 12,905 square feet and 100,512 square feet, a fitness center, first-floor and mezzanine-level retail space.

Cosmetic renovations were completed in 2011 and 2019, with the latest one being a $650 million capital improvement strategy. Now the high-rise features more than 65,000 square feet of amenities, eight on-site dining options, a conference center, a 15,000-square-foot fitness center and a multipurpose area with a 400+ person capacity, equipped with pickleball and basketball court, golf simulators, a 120-person common-area lounge and other amenities. Additionally, Empire State Building also offers recently built office suites and ESRT’s premier indoor environmental and sustainability-oriented measures.

CBRE’s Vice Chairman Mark Ravesloot negotiated on behalf of Greater New York Mutual Insurance Co. Newmark’s team of Vice Chairman Scott Klau, Executive Managing Directors Erik Harris and Brent Ozarowski, Managing Directors Neil Rubin and Zachary Weil, together with Associate Director Cole Gendels worked on behalf of the landlord. The Newmark team worked alongside ESRT’s Vice Presidents of Leasing Jordan Berger and Shanae Ursini, with the assistance of Senior Leasing Associate Kerry Lavelle.

Recent tenants at ESRT’s Manhattan portfolio

The deal follows a series of recent leasing agreements at Empire State Building. In 2023, global tech and management company Capco relocated its New York City office by occupying 26,620 square feet on the 68th floor. ESRT also secured two additional agreements at the high-rise: Skanska continued its tenancy, which started in 2008, by signing a 25,057-square-foot relocation in June, occupying a full floor. Additionally, Aprio signed a 14,945-square-foot deal, relocating its office from 7 Penn Plaza.

Last year, ESRT also welcomed new tenants at its other Manhattan office properties: In May, nonprofit organization Rising Ground signed a 30-year, 29,531-square-foot deal at 1333 Broadway, a 362,531-square-foot mid-rise office building. In March, ESRT inked a 33,803-square-foot, long-term agreement with Claims Conference at 1359 Broadway. The company has been a tenant at the 481,167-square-foot office property since 2007, and has relocated to a new office space within the building.