As Malkin Holdings moves forward with its plan to convert ownership in the Empire State Building into a publicly traded REIT, the image licensing company Shutterstock has signed an 80,000-square-foot lease across two entire floors at the iconic tower.
Pending a final hearing on May 2, a New York County Supreme Court judge has given his preliminary approval for Malkin Holdings’ plan to convert ownership in the Empire State Building (and 18 other properties) into a publicly traded real estate investment trust.
News that Malkin Properties has settled the lawsuit challenging the conversion of its ownership interest in the Empire State Building into a publicly traded real estate investment trust is also a win for advanced building technologies and green building throughout New York City.
A year ago, green was the “key” for LinkedIn’s 25,000-square-foot lease at the world’s most famous office building. Now, the social network is expanding by 10,000 square feet in a 6-year deal that will start next February.
New York City’s second tallest building is in the midst of upgrading its iconic exterior facade and mast lights with 1200 LED fixtures that should drop lighting expenditures by 75 percent, saving the building over $4.4 million annually.
Malkin Holdings could soon capitalize on investors’ appetite for a slice of New York City commercial real estate after recently announcing plans for a publicly traded REIT called Empire Realty Trust.
Spurred by the success of its other green prebuilt office suites, Malkin Properties has completed construction on an entire floor of new LEED-eligible offices on the Empire State Building’s 65th floor.
The Empire State Building’s green retrofit was the “key thing” in convincing LinkedIn executives to sign a 7-year, 31,000-square-foot lease for the iconic skyscrapers entire 25th floor.
The Empire State Building doesn’t need a LEED plaque to be recognized. But, in an unexpected reversal, the newly retrofitted icon has decided to pursue one anyway.
The Empire State Building’s pre-built green office suites continue to be popular; the tower’s most recent deal is for a 4000-square-foot LEED Platinum-candidate space on the 42nd floor.