Empire State Realty Trust (NYSE: ESRT) is a New York City-focused REIT that owns and operates office, retail, and multifamily properties in Manhattan and the greater New York metropolitan area. The company traces its heritage to Lawrence A. Wien, who created a realty syndicate in 1934, and evolved through its predecessor Malkin Holdings LLC. Founded in 2011 and taken public in October 2013, ESRT owns the Empire State Building, which houses the company's headquarters and operates an observatory that attracts over 2.6 million annual visitors. As of March 31, 2026, the portfolio comprises approximately 8.0 million rentable square feet of office space, 0.8 million rentable square feet of retail space, and 743 residential units. The company's investment strategy centers on owning and modernizing prewar office properties in Manhattan's midtown transit hubs near Penn Station and Grand Central Terminal, offering energy-efficient spaces with updated amenities at rents in the $50 to $75 per square foot range. ESRT has invested over $1 billion in modernization and energy efficiency retrofits across its portfolio. The REIT maintains 100% ownership of its properties with no joint venture structures and zero floating-rate debt. The company has expanded its retail holdings through acquisitions in Brooklyn's Williamsburg neighborhood along North 6th Street, while also disposing of non-core suburban office assets in Connecticut and Westchester County. Manhattan office occupancy reached 89.0% as of year-end 2024, with a leased rate of 94.2%. ESRT's geographic concentration is overwhelmingly in Manhattan, with approximately 94% of its office properties located in New York City.