The Empire State Realty Trust announced it would be adding the Greater New York Mutual Insurance Company (GNY Mutual) to the Empire State Building tenant roster. The insurance company signed a full-floor lease for more than 52,000 square feet of Manhattan office space in one of the borough’s instantly recognizable buildings.
GNY Mutual joins a star-studded list of tenants in the historic building that includes LinkedIn, Unipharm and Skanska, among others. Other recent additions include engineering firm STV; contract furniture manufacturer OFS Brands; and tech and management company Capco.
Despite its origins in the first skyscraper boom of the 1930s, the building hosts some of the most high-tier office space in New York. To that end, renovation efforts completed at the end of 2019 that totaled $165 million gave the Empire State Building a brand-new entrance, a second-floor exhibit showcasing the skyscraper’s history, and a revamped observatory on its top floor. The property also includes state-of-the-art indoor environmental quality, in addition to being one of the most sustainable office buildings in Manhattan. Plus, amenities adding value for tenants include a tenant-only fitness center, conference center, eight on-site dining options and more.
The Empire State Building, 350 Fifth Avenue, New York, NY 10118. Image courtesy of CommercialEdge.
“As a 109-year-old insurance company who specializes in providing coverage solutions for commercial real estate owners, we appreciate the significance of the Empire State Building to the NYC real estate community,” said Elizabeth Heck, chairman, president and CEO of GNY Mutual. “As an employer, we are attracted to ESB for its industry-leading sustainability measures and excellent tenant amenities, which aid in employee recruitment and retention, in addition to our hybrid work environment. “
“We are pleased to welcome GNY Mutual to our tenant roster at the Empire State Building,” said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. “ESRT continues to attract high-quality office tenants as we provide modernized office spaces in prime locations with top-tier amenities.”
The tenant was represented by Mark Ravesloot of CBRE, while a team of Newmark and ESRT represented the property owner in the lease.
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