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Empire State Realty Trust Endures Rough Recovery


Empire State Realty Trust CEO Tony Malkin (Getty, iStock)
Empire State Realty Trust is bracing for its second largest tenant to exit its most iconic office property.
While the real estate investment trust reported a second quarter uptick in leases across its portfolio, CEO Tony Malkin shared the news on Thursday that GBG, which leases 353,000 square feet at the Empire State Building, had just filed Chapter 11 proceedings.
But Malkin told analysts at the earnings call that “we’ve been on top of this situation for several months.”
GBG, a subsidiary of Global Brands Group Holding, is only behind LinkedIn as the largest tenant at ESRT’s Empire State Building. GBG has already subleased 162,000 square feet of space to a single tenant, said ESRT Chief Financial Officer Christina Chiu. She added the REIT will continue to receive rent payments directly from the subtenant as GBG goes through its restructuring process. ....

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9 Connecticut towns that tell the story of where people moved during the pandemic


9 Connecticut towns that tell the story of where people moved during the pandemic
Alexander Soule
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Cos Cob s Frank DiVincenzo hits a shot on the opening day at Griffith E. Harris Golf Course in Greenwich, Conn.Tyler Sizemore / Hearst Connecticut MediaShow MoreShow Less
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Apartment construction in September 2020 in the Harbor Point district of Stamford, Conn. A swath of the city stretching from its waterside Cove, Shippan and Harbor Point neighborhoods and up the western side of the city.Matthew Brown / Hearst Connecticut MediaShow MoreShow Less
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The West Cornwall Bridge is seen here in Cornwall, Conn., Sunday, Oct. 29, 2006. The bridge, which is listed on the National Register of Historic Places, spans 172 feet across the Housatonic River between the towns of Cornwall and Sharon.JESSICA HILL / APShow MoreShow Less ....

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