Company Overview

Empire State Realty OP, L.P. (ESBA) is the operating partnership through which Empire State Realty Trust, Inc. conducts substantially all of its business. The company operates as a self-administered and self-managed real estate investment platform focused on ownership, management, acquisition, and repositioning of office and retail properties. Its core industry is commercial real estate, with a primary emphasis on office assets and observatory-related tourism revenue.

The partnership’s primary revenue drivers are rental income from office and retail tenants and admission revenue from the Empire State Building Observatory, a globally recognized destination. ESBA serves a diversified tenant base that includes professional services firms, media companies, financial institutions, nonprofit organizations, and retail operators. Its unique positioning is anchored by ownership of the Empire State Building, which provides both stable office cash flows and high-margin experiential tourism income. The business traces its origins to real estate investments made by the Malkin family beginning in the early 20th century and evolved into a publicly traded REIT structure in 2013 with the formation of Empire State Realty Trust and its operating partnership.

Business Operations

ESBA’s operations are organized around two principal business segments: Office Properties and Retail and Observatory operations. The Office Properties segment generates revenue through long-term and short-term leasing of office space, primarily in New York City, while the Retail and Observatory segment includes street-level retail assets and the ticketed observatory experience at the Empire State Building.

The company conducts nearly all activities through its operating partnership and controlled subsidiaries, which hold title to individual properties. ESBA manages leasing, tenant improvements, building operations, and capital improvements internally. The partnership does not rely on external property managers, which allows direct control over operating costs and asset strategy. There are no material joint ventures that supersede the partnership’s control of its core assets, though certain properties may be held through subsidiary entities for financing or tax purposes.

Strategic Position & Investments

ESBA’s strategic direction emphasizes disciplined capital allocation, balance sheet strength, and selective reinvestment in high-quality assets. Growth initiatives focus on maintaining high occupancy in core Manhattan properties, upgrading building systems to improve energy efficiency, and enhancing the observatory experience to sustain premium tourism demand. The company has invested significantly in modernization projects at the Empire State Building, including elevator systems, sustainability upgrades, and observatory redesigns.

The partnership’s notable asset base is concentrated rather than expansive, and it has not pursued aggressive acquisition strategies in recent years. Instead, management has prioritized debt reduction, refinancing activities, and opportunistic share and unit repurchases at the parent level. Exposure to emerging sectors is primarily indirect, through tenant demand from technology, media, and life sciences firms leasing office space.

Geographic Footprint

ESBA’s geographic footprint is heavily concentrated in New York City, particularly Midtown Manhattan, which represents the majority of its asset value and revenue. The Empire State Building serves as the flagship property and anchors the company’s presence in one of the world’s most valuable office markets.

In addition to Manhattan, the partnership owns a limited number of office properties in the Greater New York metropolitan area, including assets in suburban New York and Connecticut. The observatory business provides international reach through global tourism, attracting visitors from across North America, Europe, Asia, and other regions, though physical operations remain U.S.-based.

Leadership & Governance

ESBA is managed by the leadership team of Empire State Realty Trust, Inc., which serves as the general partner. Governance and strategic oversight are aligned with public REIT standards, with a focus on long-term shareholder value, conservative leverage, and operational transparency. The leadership philosophy emphasizes disciplined asset management, sustainability, and leveraging iconic real estate to generate diversified income streams.

Key executives include:

• Anthony E. Malkin – Chairman of the Board, President, and Chief Executive Officer
• Thomas P. Durels – Executive Vice President, Real Estate
• Christina Chiu – Executive Vice President and Chief Financial Officer
• Michael J. Graziano – Executive Vice President, Chief Operating Officer, and Chief Technology Officer
• Peter L. McCann – Executive Vice President, General Counsel and Secretary