Architecture Firm Corgan Expands to 41K SF at Empire State Building
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
Empire State Realty Trust (ESRT) signed more than 28,600 square feet of leases at the Empire State Building in the third quarter of this year. In the largest deal, architecture firm Corgan signed a 12.4-year, 15,157-s…
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