It is arguably the most famous skyscraper on the planet. When you tell someone your company is moving into office space Empire State Building suites, they don't ask about your square footage. They ask about the view. But behind that Art Deco limestone facade and the nightly light shows, there is a complex, high-stakes commercial real estate operation that is vastly different from your average Midtown glass box.
You aren't just renting a room. You’re renting a legacy.
Honestly, the building had a rough start. Back in 1931, it was nicknamed the "Empty State Building" because it struggled to find tenants during the Great Depression. Today? It’s a massive ecosystem. It has its own zip code (10118). It houses roughly 150 businesses. The Empire State Realty Trust (ESRT), led by Anthony Malkin, has spent the last decade and hundreds of millions of dollars dragging this 20th-century icon into the 21st century. They basically gutted the guts of the place—elevators, HVAC, windows—to make it one of the most energy-efficient historic landmarks in the world.
The Modern Reality of an Art Deco Icon
If you think the offices look like something out of Mad Men, you’re wrong. Sorta. While the lobby is all gold leaf and marble, the actual workspaces are often hyper-modern. ESRT has leaned heavily into "pre-built" suites. These are turnkey spaces where a startup or a satellite office can just show up, plug in their laptops, and start working.
They’re sleek. Lots of exposed ceilings and glass partitions.
But there’s a catch. Or rather, a trade-off. Because the building is shaped like a wedding cake—getting narrower as it goes up—the floor plates vary wildly. On the lower floors, you might have a massive 50,000-square-foot floor plate. As you climb toward the 80th floor, that shrinks significantly. This means small-to-mid-sized firms can actually snag a full-floor identity high up in the clouds, something that’s nearly impossible in the massive footprints of Hudson Yards or the new One Vanderbilt.
What Does Office Space Empire State Building Actually Cost?
Price is a moving target. In 2024 and 2025, we’ve seen a weird "flight to quality" in Manhattan. Companies are ditching "B" class buildings for trophy assets. The Empire State Building sits in a unique spot. It’s a "Trophy" in name, but its pricing is often more competitive than the brand-new skyscrapers.
You’re usually looking at rents ranging from the high $60s to over $80 per square foot.
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Compared to the $150+ per square foot people are paying for a view of the park at 425 Park Avenue, it’s actually kind of a bargain. But don't forget the "prestige tax" and the operating expenses. You’re paying for the 15,000-square-foot fitness center, the seven different in-building dining options (including State Grill and Bar), and that private entrance on 34th street that keeps you away from the tourists clogging the 5th Avenue side.
The Sustainability Flex
One thing most people get wrong is thinking old buildings are energy hogs. The Empire State Building is actually a global leader in retrofitting. They replaced all 6,514 windows with super-insulated glass. They installed a "smart" elevator system that recovers energy.
For a CEO, this isn't just about saving the planet. It’s about ESG (Environmental, Social, and Governance) reporting.
If your firm needs to prove a low carbon footprint to investors, being in a LEED Gold-certified building that has reduced its energy use by 40% is a massive win. It’s a weird juxtaposition: you’re working in a building finished in 410 days during the Hoover administration, yet your office is more sustainable than the suburban office park built in 2005.
The Logistics of 350 5th Avenue
Getting to work is... an experience. You have Penn Station a few blocks west, Grand Central a brisk walk northeast, and almost every subway line (B, D, F, M, N, Q, R, W) at Herald Square right outside the door.
It’s the epicenter of commuter convenience.
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However, Herald Square is chaotic. You have to deal with the crowds, the street performers, and the general sensory overload of Midtown. Once you cross the threshold into the tenant lobby, the noise drops away. It’s a fortress. The security is intense—think airport-style X-ray machines for visitors. That’s the price of working in a global landmark. You aren’t just an office tenant; you’re a resident of a high-value security target, and the building acts accordingly.
Amenities Beyond the Desk
The 15,000-square-foot fitness center is only for tenants. It’s not a public gym. Then there’s the "Town Hall," a 300-person conference space. If you’re a smaller firm in a 2,500-square-foot suite, you don't need to waste money on a giant boardroom you only use twice a year. You just book the building's shared space.
Also, the "Empire State Building" brand is a recruiting tool.
In a world where companies are begging employees to come back to the office, saying "we work in the Empire State Building" has more pull than "we work in that grey building next to the deli." It’s an ego boost. It’s a statement.
Common Misconceptions and Limitations
Is it perfect? No.
First, the windows. Because it’s a landmarked building, the windows are relatively small compared to the floor-to-ceiling glass walls of modern towers. You get incredible views, but you get them through frames.
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Second, the elevators. Even with the modernization, you’re still dealing with a building that carries thousands of people daily. During peak morning rushes or lunch hours, you will wait.
Third, the neighborhood. While it’s central, it lacks the "cool" factor of Flatiron or the high-end luxury feel of the Plaza District. It’s gritty, busy, and unashamedly "New York."
Actionable Steps for Securing a Lease
If you’re serious about moving your operations here, don't just call a random broker. You need someone who understands the ESRT ecosystem.
- Audit your headcount vs. growth. Because floor plates vary, you need to know if you can expand within the building. ESRT is famous for "growing" tenants—moving them from a small suite on the 55th floor to a larger one on the 29th as they scale.
- Check the Pre-Built Inventory. They often have spaces that are "plug-and-play." If you need to move in 30 days, this is your best bet.
- Review the Work Authorization. Bringing in your own contractors to do a custom build-out in a landmarked building is a nightmare of red tape. Try to get the landlord to do the work as part of your "Tenant Improvement" (TI) allowance.
- Negotiate the "Loss Factor." In NYC, you pay for the square footage you use plus a portion of the common areas. In older buildings, this "loss factor" can be higher. Make sure you know exactly how many "carpetable" square feet you’re actually getting.
Moving Forward
The Empire State Building is no longer just a tourist trap with a spike on top. It’s a sophisticated corporate hub that has managed to survive the "office apocalypse" better than many of its younger peers. It offers a blend of historical gravitas and modern tech that is hard to replicate.
Before signing anything, visit the space at 9:00 AM on a Tuesday. See the lobby flow. Walk the 34th Street entrance. Feel the vibration of the building. If the energy of 30,000 daily occupants fuels you rather than drains you, there is no better address in the world.
Strategic Checklist for Prospective Tenants:
- Confirm your tech stack's compatibility with the building's WiredScore Platinum connectivity.
- Evaluate the commute for your "star" employees; if they live in Brooklyn or Queens, the Herald Square proximity is a major win.
- Request a tour of the 80th-floor tenant-only lounge—it's often the "closer" for undecided executives.