NEW YORK CITY, September 19, 2017 – Empire State Realty Trust (NYSE: ESRT) will relocate the Empire State Building’s Observatory entrance from 5th Avenue to 34th Street, between 5th and 6th Avenue, a move which will enhance the Observatory visitors’ experience, improve foot traffic for the building’s 34th Street retail storefronts and improve the commercial office tenant experience.
“The Observatory visitor will have an entirely new experience, and this is the first step,” said Jean-Yves Ghazi, Senior Vice President and Observatory Director. “We look forward to this new development which is staged so as not to interrupt Observatory operations at all.”
“With the relocation of the Observatory entrance, our 34th Street shops will see more than 4 million annual shoppers, comprised of international and domestic tourists, passing by their front doors, in addition to the nearly 100 million pedestrians that already walk along the 34th Street corridor between 5th and 7th Avenues annually. We recently began marketing one of the most exciting retail offerings in Manhattan, with a combination of the Empire State Building’s iconic brand recognition, vast exposure to a massive worldwide audience, phenomenal pedestrian counts, access to over 10,000 office tenant employees and the incredible retail density of 34th Street,” said Thomas P. Durels, Executive Vice President and Director of Leasing and Operations for ESRT. “Available for the first time in over two decades, the space itself is also unique: up to 26,438 sq. ft. of contiguous multi-level retail space with 13’7” ceiling heights and over 148 feet of 34th Street frontage directly opposite Amazon’s new retail store.”
Additionally, the Empire State Building’s office tenants and their visitors will enjoy improved access to the building’s Fifth Avenue lobby as the Observatory entrance relocation will reduce our main lobby foot traffic by more than 4MM visitors annually.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building. Headquartered in New York, New York, the Company’s office and retail portfolio covers 10.1 million rentable square feet, as of June 30, 2017, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio.
This press release may contain forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by use of the words “assumes,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in relying on forward-looking statements, because they involve risks, uncertainties and other factors which are, in some cases, beyond ESRT’s control and could materially affect actual results. Such factors and risks include, without limitation, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT’s filings with the SEC. Except as may be required by law, ESRT does not undertake a duty to update any forward-looking statement.