Office · Midtown Manhattan
Empire State Building
350 Fifth Avenue, Midtown Manhattan · Built 1931 · 102 floors
Partial
Current value
$2.30B
▲ 5.5% 1-yr (modeled)
Cap rate
4.80%
▲ 40 bps vs 4.40% submarket
NOI · derived
$110.4M
Value $/SF
$801
sourcedmodeled0 of 6 sourced
Ownership & debt
Ownership graph
Asset → owner → parent → beneficial owner · every edge sourcedOwnership transparency
Recorded chainRecorded owners
Empire State Realty OP, L.P. / Empire State Realty Trust, Inc.
Fee simple
Ultimate beneficial owner — as recorded
Empire State Realty Trust, Inc. (NYSE: ESRT)
US-MD · Stock Corporation · Beneficial interest
Empire State Realty Trust public shareholders; Malkin family retains significant interest and management control (Anthony E. Malkin, Chairman & CEO)
Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology
Debt
No publicly recorded debt
Debt appears here only when a recorded mortgage, deed of trust or securitization filing names this asset — nothing is inferred from ownership or market norms.
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.
Tenants & leasing
estimatedOccupancy
92.0%
WALT (area-wtd)
9.3 yrs
Top-3 concentration
28%
| Tenant | Floors | GLA (SF) | % GLA | Base rent $/SF | Lease expiration |
|---|---|---|---|---|---|
| Floors 22-28 | 500k SF | 17.4% | — | — | |
| Shutterstock | Floors 20-21 | 100k SF | 3.5% | — | — |
Top 2 of ~170 tenants shown. Occupancy / WALT / concentration are whole-building estimated figures.
Underwriting
Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
7.0%
Exit cap
5.05%
Exit value
$2.53B
Exit NOI
$128.0M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
| Exit Δ | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| -25 bps | 7.9% | 8.4% | 9.0% | 9.5% | 10.0% |
| 0 bps | 6.9% | 7.4% | 7.9% | 8.5% | 9.0% |
| +25 bps | 6.0% | 6.5% | 7.0% | 7.5% | 8.0% |
| +50 bps | 5.1% | 5.6% | 6.1% | 6.6% | 7.1% |
| +75 bps | 4.3% | 4.8% | 5.3% | 5.8% | 6.3% |
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.
Provenance footnotes
- Current value: Estimated — no sourced claim on file.
- Cap rate: Estimated — no sourced claim on file.
- NOI: Estimated — no sourced claim on file.
- $/SF: Estimated — no sourced claim on file.
- GLA: Estimated — no sourced claim on file.
- Ownership — Empire State Realty OP, L.P. / Empire State Realty Trust, Inc.: Single source — esrtreit.com · https://www.esrtreit.com/team/anthony-e-malkin/
- Tenant — LinkedIn: Estimated — no sourced claim on file.
- Tenant — Shutterstock: Estimated — no sourced claim on file.
Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.
Anchoring begins when the asset enters the live ledger.