Empire State Realty Trust (ESRT) 8-K Regulation FD Disclosure

INVESTOR PRESENTATION

September 2014

Exhibit  99.1

2

Disclaimer

We make forward-looking statements in this presentation within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections.

Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. In particular,

statements pertaining to our capital resources, portfolio performance, dividend policy and results of operations contain forward-looking statements. Likewise, all of our

statements regarding anticipated growth in our portfolio from operations, acquisitions and anticipated market conditions, demographics and results of operations are

forward-looking statements. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. You

can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,”

“plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. Forward-looking

statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the

transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future

events to differ materially from those set forth or contemplated in the forward-looking statements: changes in our industry and changes in the real estate markets in

particular, either nationally or in Manhattan or the greater New York metropolitan area; resolution of the appeals related to the class actions filed against us; reduced

demand for office or retail space; general volatility of the capital and credit markets and the market price of our Class A common stock and listed operating partnership

units; changes in our business strategy; defaults on, early terminations of or non-renewal of leases by tenants; bankruptcy or insolvency of a major tenant or a significant

number of smaller tenants; fluctuations in interest rates and increased operating costs; declining real estate valuations and impairment charges; availability, terms and

deployment of capital; our failure to obtain necessary outside financing, including our secured revolving and term credit facility; our expected leverage; decreased rental

rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; our failure to redevelop, renovate and reposition

properties successfully or on the anticipated timeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real

estate acquisitions, dispositions and development (including our Metro Tower development site), including the cost of construction delays and cost overruns; our failure to

operate acquired properties and operations successfully; our projected operating results; our ability to manage our growth effectively; estimates relating to our ability to

make distributions to our stockholders in the future; impact of changes in governmental regulations, tax law and rates and similar matters; our failure to qualify as a REIT;

a future terrorist event in the U.S.; environmental uncertainties and risks related to adverse weather conditions and natural disasters; lack or insufficient amounts of

insurance; financial market fluctuations; availability of and our ability to attract and retain qualified personnel; conflicts of interest with our senior management team; our

understanding of our competition; changes in real estate and zoning laws and increases in real property tax rates; and our ability to comply with the laws, rules and

regulations applicable to companies and, in particular, public companies.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any

forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes after the date of this

presentation, except as required by applicable law. For a further discussion of these and other factors that could impact our future results, performance or transactions, see

the section entitled “Risk Factors" beginning on page 11 of our Annual Report on Form 10-K for the year ended December 31, 2013 and other risks described in documents

we subsequently file from time to time with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which are

based only on information currently available to us (or to third parties making the forward-looking statements).

High quality, pure-play Manhattan and Greater New York office and

retail portfolio

Proven track record of managing, leasing and executing our

repositioning strategy

Growth potential from completing turnaround in existing properties

and new leasing, option properties and acquisitions

Strong, low-levered balance sheet to support future external growth

Pioneer in economically justified value-add energy efficiency retrofits

Experienced and committed management team with strong

alignment of interests with stockholders

3

Investment Highlights

2014

ESRT

exercises

option

to

purchase

two

Manhattan

office

properties

2013

IPO

of

ESRT,

a

publicly

traded

REIT

focused

on

office

and

retail

properties in Manhattan and Greater New York metropolitan

area

2010

Malkin

Holdings

begins

consolidation

of

portfolio

ownership

2009

Ground-breaking energy efficiency retrofit program

announced by Empire State Building, Clinton Climate Initiative,

Jones Lang LaSalle, Johnson Controls and Rocky Mountain

Institute

2002

–

2006

Malkins replace Helmsley-Spear as managing and leasing

agent and begin portfolio redevelopment

1989

Anthony

E.

Malkin

joins

the

Company

at

the

start

of

real

estate

downturn and builds leadership team in place today

1961

Partnerships organized by Wien, Peter L. Malkin, and Helmsley

buy the Empire State Building

1947

Wien

and

Harry

B.

Helmsley

join

in

acquisitions

1934

Lawrence A. Wien pioneers real estate syndication

History of Innovation and

Commitment to New York

4

5

Operating Philosophy

Focus on performance, history as fiduciaries

and hands-on operators

Maintain process, exercise discipline in

execution and no complacency

Demonstrated capabilities in up and down

markets

Focus on servicing brokers and tenants

Proactive, service-intensive approach to asset

and property management

Attract and lease to quality tenants with

greatest likelihood to renew and expand

Constant refinement and improvement in

leasing, management, operations and capital

improvement

6

Management Team

Anthony E. Malkin

Chairman,

Chief Executive Officer &

President

26 years with ESRT

26 years in industry

Bachelor’s degree from

Harvard College

David A. Karp

Executive Vice President,

Chief Financial Officer &

Treasurer

3 years with ESRT

31 years in industry

Bachelor’s degree from University

of California, Berkeley and M.B.A.

from the Wharton School at the

University of Pennsylvania

Thomas P. Durels

Executive Vice President &

Director of Leasing and

Operations

24 years with ESRT

31 years in industry

Bachelor’s degree from

Lehigh University

Thomas N. Keltner, Jr.

Executive Vice President,

General Counsel

& Secretary

36 years with ESRT

36 years in industry

Bachelor’s degree from Harvard

College and J.D. from Columbia

Law School

Strong management team from top to bottom

Senior management team owns a meaningful amount of

stock

The Malkin Group did not sell any shares at IPO

Majority of senior management team has worked

together for approximately 24 years

Senior management team with an average of

approximately 31 years of experience in real estate

Extensive experience in Greater New York area real

estate, through many economic cycles

Note:  Years of experience at ESRT includes years of experience at the “predecessor” as defined in the Company’s  Form 10-K.

Pure Play Midtown Manhattan and

Greater New York Strategy

7

Note:

The

Company

exercised

its

option

to

purchase

112

West

34th

Street

and

1400

Broadway

on

5/19/2014

(closed

on

7/15/2014)

Premier Office Building

International Icon

Empire State Building

“The World’s Most Famous Office Building”

International icon of the New York City

skyline

“America’s

Favorite

Architecture”

1

A top New York City tourist attraction

–

Observatory attracted 4.3 million

visitors in 2013

Globally recognized leader in energy

efficiency

Comprehensive upgrade and

repurposing underway

–

Full restoration or re-creation of

exterior and all public spaces

–

Building-wide space consolidation

and leasing to fewer, large, higher

quality tenants

–

Extensive in-building tenant

amenities / campus environment in

city setting

5

th

Avenue / 34th Street corridor

location

–

Close proximity to mass

transportation hubs

–

International, national and new

media / services tenants

–

Vibrant neighborhood with world-

class shopping, dining and lodging

1

Designation by American Institute of Architects

8

Pure Play Midtown Manhattan and

Greater New York Strategy

Westport

White Plains

Harrison

Stamford

Norwalk

66-99 Main St

103-107 Main St

~30 miles to

Midtown Manhattan

Office

Standalone Retail

Planned Development

10 Bank Street

500 Mamaroneck Avenue

9

684

95

287

383 Main Avenue

Metro Center

First Stamford Place

Highway

Metro-North Railroad

Metro-North Train Stop

Focused on a modern guest experience

–

Modernization program for new visitor center and for

enhanced 86

th

floor / exhibition areas

–

102

nd

floor renovation completed

Added state of the art Multimedia Experience

Guides visitors through the icon's extraordinary exhibits

Provides additional depth on the building's history

Upgraded exhibition spaces and offerings to drive traffic –

“Sustainability”

exhibit (2010) and “Dare to Dream”

exhibit

(2011)

Regular upgrades and new enhancements planned

Value-Added Strategy Improvement

10

Observatory has been a Stable

and Growing Source of Revenue

3 to 4+ million visitors every year since 2000

–

Record number of visitors in 2013 at 4.3 million

Admissions have grown at a 3.0% CAGR since 2001

through 2013

Ticket prices have increased at a 10.0% CAGR since

2001 through 2013 without any down years

~$1,450 revenue per square foot generated in 2013

Leading NYC Tourist Destination

Positive Tourism Trends to New York City (visitors in millions)

11

Observatory has been a Stable

and Growing Source of Revenue

Domestic Visitors

International Visitors

9/11

Observatory at

Rockefeller

Center Opens

Financial

Crisis Hits

‘01 –

‘13

CAGR

12.4%

‘01 –

‘12

CAGR

3.6%

Source:  NYC & Company.

Observatory Annual Revenue ($ in millions)

Note:  YTD data for 2013 and 2014 is as of 6/30/2013 and 6/30/2014, respectively.

35.2

35.3

37.8

40.0

42.6

43.8

45.9

47.1

45.6

48.8

50.9

52.0

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

$25.0

$29.6

$33.4

$40.0

$50.1

$56.3

$62.9

$72.2

$71.6

$78.9

$80.6

$92.2

$101.8

$44.0

$47.7

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2013

YTD

2014

YTD

High Quality Retail Portfolio

Attractive Retail Portfolio in Prime

Manhattan and Greater New York  Locations

12

Experience and expertise in repositioning retail spaces in conjunction with our

Manhattan office repositioning

Significant growth opportunity to acquire and reposition additional standalone retail

spaces

Location

in

premier

corridors

including

Herald

Square,

34

th

Street

corridor,

Grand

Central, Union Square and Columbus Circle

Ground floor spaces in our office buildings and standalone spaces

~732k  square feet across 15 locations

High pedestrian traffic and / or main destination locations

Convenient access to mass transportation

Diverse, high-quality tenant base across consumer staples, retail, financial services

and entertainment

Retail Repositioning Strategy

–

Convert second floor office spaces into higher rent retail spaces

–

Incorporate upper and lower floors to expand retail footprint

–

Upgrade and standardize storefronts and signage

13

Competitive Advantage From Energy

Efficiency

Global ground-breaker in defining and implementing energy efficiency in buildings

and tenant installations

Empire

State

Building

project

is

recognized

worldwide

as

the

new

model

for

sustainability

–

Partnered

with

the

Clinton

Climate

Initiative,

Johnson

Controls,

Jones

Lang

LaSalle and Rocky Mountain Institute

Enhanced market differentiation with tangible benefits to tenants

–

Helps attract desirable tenants

–

Skanska realized 58% energy cost savings relative to previously occupied

space

3

Replicating process and program throughout the portfolio

1

Empire

State

Building

Energy

Performance

Year

3

M&V

(Measurement

&

Verification)

Report

by

Johnson

Controls.

Actual

2013

energy

cost

savings

was $2.8 million.

2

Johnson Controls Inc. (JCI) guarantees a minimum annual energy savings of $2.2 million for a period of 15 years (from 2010 to 2025).

3

Data

provided

by

Skanska

based

on

utility

consumption

in

2010

on

their

32nd

floor

office

at

the

Empire

State

Building.

Cost

savings

are

compared

to

previously

occupied

space

in

2008

in a different “Class A Office”

building on an energy cost per rentable square foot basis.

Length of Min.

Energy Savings

Guaranteed by JCI

1,2

15 Years

Est.

Energy

Reduction

38%

Est.

Annual

Energy

Savings

$4.4

Million

1

1

14

Internal and External Growth

Opportunities

Experienced management team uses its best practices to develop and

execute winning internal and external strategies

Internal

Growth

Opportunities

External

Growth

Opportunities

Repositioning

Expertise

Manhattan Office Submarket Avg. Occupancy¹

Lease-up of Empire’s Available Space

Strong Re-Leasing Spreads

²

15

Organic Growth Potential in Manhattan

Office Portfolio

89.7%                 86.4%               92.3%                 89.7%

Source: Market data per Cushman & Wakefield as of 6/30/2014.  ESRT leasing status data as of 6/30/2014.

YTD 2014

Managing rent roll as

appropriate to execute

repositioning strategy

$40.66

$50.56

Prev.

Escalated

Rent

PSF

New

Starting

Base Rent

PSF

85.2%

85.1%

85.4%

88.9%

ESB

OGCP

250 W. 57th

1350 B'Way

Percent Leased

86.4%, 89.7% and 92.3% occupancies represent the overall vacancy of the Grand Central, Penn Station-Times Square South and West Side submarkets, respectively, as of 6/30/2014

Based on total portfolio

1

2

16

Illustrative NOI Impact of ESB Repositioning¹

Illustrative Potential NOI Upside at ESB from Higher Office

Occupancy and Higher Base Rents on New Office Leases

Illustrative Potential Increase in ESB NOI at Various Office

Occupancy Rates and Base Rents on New Office Leases

A 5% increase in office occupancy at ESB increases illustrative NOI by ~$6 to $8 million, while a $5 increase

in base rent per square foot on new office leases at ESB increases illustrative NOI by ~$1 to $2 million

Illustrative Potential Office Occupancy

95.0%

-

Current Office Occupancy (as of June 30, 2014)

85.2%

=

Potential Incremental Office Occupancy

9.8%

x

Rentable Office SF (as of June 30, 2014)

2,692,000

=

Potential Incremental Utilized SF

263,816

x

Illustrative Potential Starting

Base Rent per SF

$

55.00

=

Illustrative Potential Incremental

Base Rent and NOI¹

$

14.5

mm

Occupancy

18.1

90.0

%

95.0

%

100.0

%

$

45.00

$

5.8 mm

$

11.9 mm

$

17.9 mm

50.00

6.5 mm

13.2 mm

19.9 mm

55.00

7.1 mm

14.5 mm

21.9 mm

60.00

7.8 mm

15.8 mm

23.9 mm

    The illustrative NOI and base rents included on this page are for illustrative purposes only, do not represent actual or expected performance and should not be relied upon for any investment

decision. The hypothetical increases in NOI and base rents are based on certain assumptions, including assumptions relating to increased occupancy and base rents, and do not reflect actual

results.  These hypothetical increases do not reflect the impact of actual performance and market factors.  The actual performance of the Company generally, and, the Empire State Building in

particular, will be subject to a variety of risks and uncertainties discussed in this presentation.

1

17

External Growth: Recent Acquisitions

1400 Broadway

112-122

W.

34

th

Street

650,769 SF Office

92,455 SF Retail

880,131 SF Office

19,815 SF Retail

Exercised Options to Purchase Two Properties

Price: $734 million, or $446 per sf

Occupancy opportunity long-term

o

1400 Broadway: 92.6% occupied,

92.7% leased

o

112 W. 34

th

: 77.5% occupied,

83.2% leased

Funding:

o

$167.7 million debt assumed

o

$379.3 million in shares of class A

and class B common stock and

Series PR OPUs

o

$186.6 million in cash

Closed in third quarter 2014

Note: All  data as of June 30, 2014

18

Attractive External Growth Opportunities

Acquisition strategy focused on Manhattan office and retail

Market dominated by multi-generational family ownership

o

Off-market investment opportunities

o

OP units provide tax-advantaged acquisition currency

Utilize deep industry relationships, brand recognition and expertise in redeveloping / repositioning

Identify acquisitions with occupancy and rental rate upside

o

Provide attractive stabilized returns

Strong balance sheet and access to capital

Targeting

Acquisitions

with

Attractive

Stabilized

Return

Through

Value-Add

Upside

19

Pure Play Manhattan and Greater New York

Strategy

Office Portfolio

Total Portfolio

9.3 million rentable square feet 

Office

93%

Retail

7%

10.0 million rentable square

feet

Manhattan

Office

81%

Greater NY

Metro Office

19%

Note:

Percentage

splits

based

on

square

footage.

Data

as

of

June

30,

2014

and

is

pro

forma

for

the

exercise

of

ESRT’s

options

on

112

West

34

th

Street

and

1400 Broadway (closed on 7/15/2014).

1

Includes 527,609 SF of retail space in our Manhattan office properties.

1

Portfolio Summary:

Diversification by Market and Industry

Market Distribution (by rentable sq. ft)

Industry Diversification (annualized fully escalated rent)

20

Diversified tenant mix provides

hedge to client and industry risk

~81% of square feet located in Manhattan

Consumer

goods

22.2%

Finance,

insurance

and real

estate

17.7%

Professional

services

11.6%

Retail

14.6%

Legal

services

4.2%

Technology

5.0%

Other

18.6%

Media and

advertising

3.5%

Non

profit

2.6%

Manhattan office

74.3%

Manhattan retail

7.1%

NY metro office

18.4%

NY metro retail

0.2%

Note:

Company

data

and

filings

7/15/2014)

Street

and

1400

Broadway

(closed

on

th

of

ESRT’s

options

on

112

West

34

Figures

are

pro

forma

for

the

exercise

as

of

June

30,

2014.

21

Proven Value-Add Repositioning Strategy

Took control over day-to-day management of

Manhattan office properties from 2002-2006

Repositioning program developed and

commenced

Renovation programs at each property

address all common areas, tenant spaces

and building systems

Rent rolls are managed to allow space

consolidation and releasing

Attracting larger, higher credit quality tenants and

increasing cash flows

Large space users

Pre-built spaces for smaller users

Optimize base floors for retail

Energy efficient tenant installations

Significant benefits still to be realized

~71% of Manhattan Office renovation

completed (by square feet)

Improving occupancy and increasing rents

Significant upside in remaining older leases

Note:

Figures

as

of

June

30,

2014

and

are

pro

forma

for

the

exercise

of

ESRT’s

options

on

112

West

34

th

Street

and

1400

Broadway

(closed

on

7/15/2014)

¹

These estimates are based on the Company’s current budgets (which do not include tenant improvements and leasing commission costs) and are subject to change. 

2

Repositioning program is for the Manhattan office assets only. Square footage based on market measurement.

Repositioning Program¹

,

²

Repositioning Program by Square Feet²

Spent to Date,

$557 million

83%

Additional

Spend on

Manhattan

Office (2014

-

2016) $95

135

million

17%

Renovation

Completed 5.7

million SF

71%

Future

Renovation

(Other) 1.6

million SF

20%

Future

Renovation

(ESB) 0.7 million

SF

9%

-

22

Empire State Building

Repositioning Case Study

The Benefits

Pre

(rentable SF

per leases)

Post

(rentable SF per

new bldg. measurement)

Change

Decreased Number of Leases

218

25

(193)

Increased Occupancy

74.4%

100.0%

+25.6 p.p.

Longer Lease Terms

8.9 years

14.4 years

+5.6 years

Larger Avg. Rented Spaces

3,596 SF

54,320  SF

+50,725 SF

Increased Rentable Square Feet

1,053,902 SF

1,358,004 SF

+304,102 SF / +28.9%

Higher Rents Per Square Foot –

Unadjusted

$35.13 PSF

$42.41 PSF

+20.7%

Higher Rents Per Square Foot –

Adjusted²

$25.31 PSF

$42.41 PSF

+67.6%

Higher Gross Rents

$27.5 million

$57.6 million

+109.2%

Higher Credit-Quality Tenants

700,000

square

feet

of

the

Empire

State

Building

remain

to

be

repositioned

1

To Be Repositioned

Repositioned

    There can be no assurance that our renovation and repositioning program will be completed in its entirety in accordance with the anticipated timing or at the anticipated cost or that the results

we expect to achieve will be accomplished. Accordingly, the information presented in this case study should not be considered as indicative of our possible results and you should 

not rely on this information as an indication of our future performance. Broadcasting space, lower level/storage and certain existing prebuilt and partial floor renovations are excluded from these

square footage figures. Information is as of June  30, 2014

    Fully escalated rent at expiration divided by new building measurement.

1

2

The Benefits

Pre

(rentable SF

per leases)

Post

(rentable SF per

new bldg. measurement)

Change

Decreased Number of Leases

59

6

(53)

Increased Occupancy

52.0%

100.0%

+48.0p.p.

Longer Lease Terms

4.6 years

13.3 years

+8.7 years

Larger Avg. Rented Spaces

1,909 SF

39,223 SF

+37,314 SF

Increased Rentable Square

Feet

216,622 SF

235,337 SF

+18,715 SF /

+8.6%

Higher Rents Per Square Foot

(Unadjusted)

$30.80 PSF

$41.87 PSF

+36.0%

Higher Rents Per Square Foot

(Adjusted)¹

$26.41 PSF

$41.87 PSF

+58.5%

Higher Gross Rents

$3.5 million

$9.9 million

+184.1%

Higher Credit-Quality Tenants

1333 Broadway

Repositioning Case Study

Repositioning substantially completed with 8 out of 10 office floors renovated

To Be Repositioned

Repositioned

23

Now seeing tangible benefits and achieving attractive leasing results from capital deployed²

Fully escalated rent at expiration divided by new building measurement

There can be no assurance that our renovation and repositioning program will be completed in its entirety in accordance with the anticipated timing or at the anticipated cost or that

the results we expect to achieve will be accomplished. Accordingly, the information presented in this case study should not be considered as indicative of our possible results and

you should not rely on this information as an indication of our future performance. Information is as of June 30, 2014

1

2

24

Pre-Built Strategy

Pre-built office suites are designed to:

–

Appeal to a broad range of users

–

Have efficient layouts

–

Be energy efficient

–

Have ability to re-use install and re-

lease with only modest work

Our pre-built strategy improves NOI and

long-term value through:

–

Increased rents

–

Increased occupancy

–

Reduced downtime on (a) initial vacant

lease-up and (b) roll-over

–

Attraction and retention of higher

quality tenants

Pre-Built Strategy: 

Utilization of Space for New Tenants

25

Financial Highlights

Significant signed leases not commenced, adding $4.2 million of

annualized base rent (ABR), a 1.3% increase over year end ABR

Significant balance sheet flexibility, with goal of achieving

investment grade ratings

$355 million drawn on $800 million credit facility–

ample liquidity to

fund renovation / repositioning capital expenditures

Untapped debt capacity embedded in many low-levered assets to

support future growth

Low leverage of 26.0%

of enterprise value

1

¹

Based on 8/20/2014 stock price of $16.62 and 267,138,462 fully diluted shares outstanding. Net debt as of 8/20/2014 of $1.56 billion.

$355 million drawn on $800 million credit facility

Untapped debt capacity embedded in many low-levered

assets

Well-laddered and long-dated debt maturities

Net Debt / enterprise value ~26.0%

Debt / EBITDA ~4.6x

Interest coverage ~4.7x

Attractive in place mortgage debt

Weighted average interest rate of 4.31%

Weighted average debt maturity of 3.2 years

Well Capitalized Balance Sheet

to Support Future Growth

Low Leverage

Capital Structure¹

Limited Near-Term Maturities

3

($mm)

Liquidity

Cash

$42mm

1%

$800mm

Credit Facility

2

$355 mm

6%

Mortgage Debt

$996 mm

16%

Equity

$4,440 mm

73%

26

$600

2

2014

2015

2016

2017

2018

2019

$55

$92

$134

$95

$430

$250

$300

$300

Mortgage Debt

Credit Facility

Exchangeable Senior Notes

Note: Figures are pro forma for the exercise of ESRT’s options on 112 West 34

Street and 1400 Broadway (closed on 7/15/2014), exchangeable senior notes offering (closed on 8/12/2014), and

private perpetual preferred exchange (closed on 8/22/2014).

¹

Based on stock price of $16.62 as of 8/20/2014 and 267,138,462 fully diluted shares outstanding. Net debt as of 8/20/2014 of $1.56 billion.

Mortgage

debt

includes

a

$10.9

million

premium

assumed

for

1350

Broadway

and

1333

Broadway.

²

Credit Facility includes $500mm Revolving Credit Facility ($55mm outstanding) due in October 2017 (with a one-year extension option to 2018) and $300mm Term Credit Facility due in October

2018.

3

Private Perpetual

Preferred

$27 mm

<1%

Exchangeable Senior Notes

$250 mm

4%

th

Maturity schedule shown with full current balance due in year of maturity and excludes impact from interim debt amortization payments.

$375

27

Strong Independent Board

William H. Berkman

Managing Partner, Associated Partners, L.P.

Former director, IAC

Alice M. Connell

Managing Principal, Bay Hollow Associates

Formerly held senior positions in mortgage lending and real estate equity areas at

TIAA-CREF

Thomas J. DeRosa

CEO, Health Care REIT

Former Vice Chairman, CFO of The Rouse Company

Steven J. Gilbert

Chairman, Gilbert Global Equity Partners

Former Vice Chairman, Stone Tower Capital

S. Michael Giliberto

Former Senior Portfolio Manager and Director of Portfolio Strategy for real estate

and infrastructure, JP Morgan Asset Management

Formerly at Lehman Brothers –

Fixed Income Research

Lawrence E. Golub

Founder, Golub Capital

Former Managing Director, Banker’s Trust Company

Note:  All directors determined as independent except for the Chairman, Anthony E. Malkin.

6 of 7 board members are independent

High quality, pure-play Manhattan and Greater New York office and

retail portfolio

Proven track record of managing, leasing and executing our

repositioning strategy

Growth potential from completing turnaround in existing properties

and new leasing, option properties and acquisitions

Strong, low-levered balance sheet to support future external growth

Pioneer in economically justified value-add energy efficiency retrofits

Experienced and committed management team with strong

alignment of interests with stockholders

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Investment Highlights