Empire State Building Lands New York Insurer With Lease for Full Floor

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Greater New York Mutual Insurance Co. signed a lease at the Empire State Building.

GNY Mutual, which currently has offices on Madison Avenue, agreed to a 17-year deal for a full floor at the famous New York tower, with 52,116 square feet (4,841 square meters) of space, according to a statement Thursday.

The Empire State Building opened in 1931 and has undergone more than $650 million of capital improvements from 2008. The owner, Empire State Realty Trust Inc., has also struck deals recently with companies including Starbucks Corp. and LinkedIn Corp. recently. And the tower has more than 65,000 square feet of amenities including a fitness center, conference area and dining options.

GNY Mutual was attracted to the Empire State Building “for its industry-leading sustainability measures and excellent tenant amenities which aid in employee recruitment and retention in addition to our hybrid work environment,” Elizabeth Heck, chief executive officer of GNY Mutual, said in the statement.

Tenants have been flocking to newly built or renovated buildings with amenities, helping those landlords offset pressure from the more than 18% of office space that’s available to rent in Manhattan. Solomon Partners is relocating its headquarters to the former Exxon Building at 1251 Avenue of the Americas. Merchant bank BDT & MSD Partners recently took space at 550 Madison Ave.

Photo: The New York City skyline seen from the Summit One Vanderbilt observation deck during the grand opening in New York, U.S., on Thursday, Oct. 21, 2021. The attraction takes visitors to the 93rd floor, high above iconic skyscrapers like the Empire State Building and the Chrysler Building, and features an immersive art installation called “Air,” created by artist Kenzo Digital.