What smart money is saying about Empire State Realty Trust
1 fund in our archive has pitched Empire State Realty Trust — most recently Longleaf Partners Small-Cap Fund in December 2025.
Empire State Realty Trust, Inc. (NYSE: ESRT), a leading real estate investment trust (REIT), owns, manages, operates, acquires and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the World's Most Famous Building. Headquartered in New York, New York, the Company's office and retail portfolio covers 10.1 million rentable square feet, as of September 30, 2020, consisting of 9.4 million rentable square feet in 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; and approximately 700,000 rentable square feet in the retail portfolio. Long the leader in energy efficiency retrofits and Indoor Environmental Quality, Empire State Realty Trust is the first commercial real estate portfolio in the U.S. to achieve the WELL Health-Safety Rating.
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Position history
Between Q4 2025 and Q2 2026, 2 fund letters reported a position in Empire State Realty Trust, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 2 | 0 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 2 positions
- June 2026
“Alexander’s and Empire State Realty Trust – New York real estate companies Alexander’s and Empire State Realty Trust both contributed in the quarter. Alexander’s was the bigger contributor, as the company closed the previously announced asset sale of a non- core property while signing a lease with Target to get its key shopping center in Queens fully-leased. It is getting harder for the market to ignore the steady FCF power and strong balance sheet of this company. Empire State also contributed but on a lesser scale in the quarter as the company closed a great asset sale itself that implies a value for the rest of its business that is over 2x the current share price. Both companies are on offense and able to continue closing their price to value gaps.”
Empire State Realty Trust - June 2026
“Another positive trend is that our partners have been getting frustrated with their own low valuations and taking matters into their own hands (positive moves at People Inc./MGM and Small Cap Fund holding Empire State Realty Trust, among others) or having something done to them to realize value (the bidding war that burst out for Delivery Hero).”
Empire State Realty Trust
Fund coverage · 1 thesis
- Longleaf Partners Small-Cap FundDecember 2025
Empire State Realty Trust is a New York office and retail REIT with improving leasing trends, undervaluation versus peers, and multiple levers including asset sales.
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