Fintech Firm Takes 41k SF In Empire State Building
Fintech company Pontera inked a long-term lease at the Empire State Building,
Pontera leased 41,000 square feet at the iconic tower. The asking rent was $79 per square foot.
The firm is relocating from their current 11,000 square-foot space at 111 West 33rd Street, another Empire State Realty Trust building. The move was first reported by the New York Post.
The newest lease deal continues an upwards trajectory for the building. The office space at the 2.7 million-square-foot, 102-story emblem of New York City 93 percent leased as of March 31.
LinkedIn last year added 25,000 square feet at the building, bringing its total footprint at the property to 526,000 square feet. Starbucks also leased 26,000 square feet last month for offices of its own; the company relocated from 370 Seventh Avenue.
Justin Haber and Kyle Riker of JLL represented Pontera in the latest lease signing. Shanae Ursini of ESRT and a Newmark team including Scott Klau and Erik Harris represented the landlord.
There have been questions about how the Empire State Building could compete with higher-quality and newer properties as leasing trends shake out in a post-pandemic, hybrid-work world.
ESRT conducted a $550 million overhaul of the property’s infrastructure in 2006, but concerns have surfaced in recent years over the building’s future, including an office-to-residential conversion.
