UTA signs large Empire State Building lease, reinforcing ESRT occupancy strength
Jul 19, 2026, 3:01 PM EDT4 sourcesAI-analyzed
Why it may matterVerify against the original reporting
A marquee lease at the Empire State Building, coupled with 96.1% 1Q occupancy and a fully leased portfolio, signals durable rent coverage and asset quality. This supports higher visibility into cash flow and could lift the stock on positive earnings expectations and NAV support, though impact may be modest if macro office demand remains mixed.
AI summary
What happened, with direct paths to the underlying reporting
United Talent Agency signed a 100,948 SF lease on floors 32–35 of the Empire State Building, signaling strong demand for ESRT’s flagship asset. ESRT sits at 96.1% leased in 1Q, underscoring robust occupancy and rent resilience in NYC. With Instacart adding 26,134 SF to 111 W. 33rd St., ESRT remains fully leased, though two large blocks remain available for future tenants.
UTA signs 100,948 SF lease for Empire State Building floors 32-35; rent $96/SF.
Portfolio totals ~8 million SF; two large blocks remain: 60k SF and 80k SF.
Instacart leases 26,134 SF at 111 W. 33rd St., keeping ESRT at 100% leased.
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