Empire State Realty OP, L.P. (ESBA) is the operating partnership entity through which Empire State Realty Trust (NYSE: ESRT) owns and operates a portfolio of office, retail, and multifamily real estate concentrated in New York City. Revenue comes from two segments: rental income from office and retail tenants, and ticket sales at the Empire State Building Observatory. As of December 31, 2025, the portfolio totaled approximately 7.9 million rentable square feet of office space and 0.8 million rentable square feet of retail space across Manhattan, plus 743 residential units, with the portfolio 90.3% occupied and 93.6% leased, generating approximately $552.0 million of annualized rent. Total FY2025 revenues were $768.3 million: $626.2 million in rental revenue and $128.3 million in Observatory revenue. The Observatory drew approximately 2.3 million visitors in 2025, down from 2.6 million in 2024. ESRT competes with other commercial real estate owners and operators in New York City.

Revenue model

Two revenue streams: (1) rental revenue from long-term office and retail leases, comprising $626.2 million of FY2025 total revenues; (2) Observatory ticket sales at the Empire State Building, generating $128.3 million in FY2025 revenue from approximately 2.3 million visitors. Additional smaller revenue lines include lease termination fees ($0.5 million FY2025), third-party management fees ($1.5 million FY2025), and other revenues and fees ($11.8 million FY2025).

Products and services

Office leasing across 10 Manhattan properties totaling approximately 7.9 million rentable square feet (as of December 31, 2025), including the Empire State Building. Retail leasing across properties at the base of office and multifamily buildings, four standalone Manhattan retail properties, and the North Sixth Street Collection in Williamsburg, Brooklyn, totaling approximately 0.8 million rentable square feet. Multifamily residential with 743 units. Empire State Building Observatory, ranked the #1 Top Attraction in New York City in Tripadvisor's 2025 Travelers' Choice Awards.

Customers and end markets

Office and retail tenants in Manhattan and Brooklyn. Top retail tenants (as of December 31, 2025) include Sephora USA (14.7% of retail annualized rent), Target Corporation (8.3%), Foot Locker (7.5%), Urban Outfitters (7.3%), and The TJX Companies (4.6%). Observatory customers are domestic and international tourists; international visitation declined in 2025, contributing to a drop from 2.6 million visitors in 2024 to 2.3 million visitors in 2025.

Value-chain role

Owner and operator of commercial and residential real estate assets. Manages leasing, property operations, redevelopment, and the Empire State Building Observatory directly. Organized as a Delaware limited partnership on November 28, 2011, serving as the operating partnership for ESRT. Maintains a captive insurance structure with third-party reinsurance.

Geographic exposure

Concentrated entirely in New York City. Office portfolio is 100% Manhattan. Retail assets are in Manhattan and Williamsburg, Brooklyn. Additionally holds entitled land in Stamford, Connecticut available for office or residential development.

Competitors

Other commercial real estate acquirers, developers, owners, and operators in New York City (unnamed in filing)

Source: SEC 10-K, filed 2026-03-02

Industry: Real Estate Investment Trusts Peers: Alexander & Baldwin, Inc. American Assets Trust Inc Global Net Lease Inc Broadstone Net Lease Inc W.p. Carey Inc Empire State Realty Trust Inc Essential Properties Realty Trust Inc STORE CAPITAL LLC