Empire State Realty Trust Fully Leases Two NYC Office Buildings with Tech and Biotech Tenants — Empire State Realty Trust, Inc.

Event summary

Empire State Realty Trust (ESRT) signed a 26,134 sq ft office lease with Instacart at 111 W. 33rd Street in Q2 2026.
A 7,052 sq ft lease with Hansa Biopharma in Q3 2026 completed full occupancy at 111 W. 33rd Street.
1350 Broadway also reached 100% occupancy with 12 new leases and tenant expansions over the past year.
ESRT has two large office blocks remaining for lease in 2026 at One Grand Central Place and 501 7th Avenue.

The big picture

ESRT's full occupancy at two Manhattan properties reflects strong demand for modernized, amenitized office space near transportation hubs. The leases to Instacart and Hansa Biopharma demonstrate diversification into tech and biotech sectors, which could provide more stable cash flows compared to traditional office tenants. With approximately 8 million sq ft of office space in its portfolio, ESRT is positioning itself as a key player in NYC's evolving commercial real estate landscape.

What we're watching

Leasing Momentum: Whether ESRT can maintain this leasing velocity at its remaining large blocks in high-demand Manhattan locations.
Tenant Mix Evolution: How the shift toward tech and biotech tenants will affect building valuations and operational strategies.
Market Differentiation: The pace at which ESRT can distinguish its Broadway Campus amenities from competitors in a tightening NYC office market.