Empire State Building Defies NYC's Struggles with Over 90% Office Occupancy
The Empire State Building in New York City has defied the struggling office market with a 90.5% occupancy rate in Manhattan and increased revenue from its Observatory. Despite visitation being only 71% of 2019 levels, visitors spent more, contributing to a 13.6% increase in revenue compared to the previous quarter. Major companies like LinkedIn and Starbucks have also leased additional office space in the building. The Empire State Building has received awards for building management, sustainability, and community contributions. Additionally, Stone Peak Capital is reportedly leasing 75,000 square feet at 245 Park Avenue, while other firms are in talks for expansion or consolidation space at various locations.