China’s People’s Daily Newspaper Selects the Empire State Building For Its U.S. Headquarters

By: Press Release

Reflects Growing International Appeal of Building

NEW YORK CITY – Reflecting the growing global appeal of the Empire State Building, one of China’s largest news agencies, the People’s Daily, has leased office space at the iconic property for its U.S. headquarters, announces Anthony E. Malkin, president of Malkin Holdings, which supervises W&H Properties.

The agency moved into its suite on the 30th floor earlier this month.

The lease closely follows two other leases at the Empire State Building with notable Asian entities – Li & Fung and Air China – and several other transactions at the property with such prestigious international firms as Coty, Skanska, Funaro, Lufthansa and Turkish Airlines.

“The Empire State Building is the world’s most famous office building, one of the few offices a company can have that requires no street, city, state, or country to be listed on its business card. Now, with the near completion of our $550 million Empire State ReBuilding program and our ground-breaking energy efficiency work, we are also a destination for leading global businesses,” says Mr. Malkin. “International firms appreciate the cachet of our world-renowned landmark and address, as well as our convenient location and the state-of-the-art office environment.”

Founded in June 1948 and with a current circulation of 3 million, People’s Daily is among the most influential and authoritative newspapers in China. According to UNESCO, it takes its place among the world’s top 10. Published under the People’s Daily are also 10 newspapers, including People’s Daily Overseas Edition, East China News, South China News, Market Daily, International Financial Daily, Jiangnan Times, Global Times, Securities Times, Health Times, Satire and Humor; and six monthly magazines, including The Earth, News Front, Listed Companies, Times Trend, and People Forum.

Clyde Reetz and Yuan Tang of CB Richard Ellis represented People’s Daily in the lease negotiations. William Cohen and Ryan Kass of Newmark Knight Frank represented the landlord.

Soaring 1,454 feet above Midtown Manhattan, the Empire State Building is the World’s Most Famous Office Building. With new investments in infrastructure, public areas and amenities totaling more than $550 million, the Empire State Building has attracted and continues to attract corporate tenants in a diverse array of industries from around the world.

The Empire State Building also has taken a leading role in sustainability, partnering with the Clinton Climate Initiative, Rocky Mountain Institute, Johnson Controls and Jones Lang LaSalle to develop an innovative process for a comprehensive energy efficiency retrofit program that will reduce the building’s total energy consumption by 38% and that has led the building to receive an Energy Star rating of 90, placing it in the top 10% in energy efficiency among all buildings measured under the Energy Star program. The energy retrofit program that contributed to the Energy Star designation is also an important element in the target to seek LEED-EB Gold certification from the United States Green Building Council.

The Empire State Building’s upgrades – planned and completed – include a comprehensive restoration of the Art Deco lobby and ceiling, along with the creation of a dedicated 34th Street tenant entrance, visitor desk and access control, messenger center, new restrooms, air-conditioned public corridors, new marble elevator cabs, 6,500 new windows, improvements to the building-wide mechanical and electrical systems, and improved security systems.

Part of the W&H Properties’ Pre-War Trophy office portfolio, the Empire State Building is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. Additional high-end pre-built suites are still available throughout the building, along with fully white-boxed partial and full floors ready for tenant build out from 10,000 square feet, and a contiguous large block of up to 275,000 square feet now available. Broker commissions are paid in full at lease signing.

How amazing is it that the People’s Daily is now housed in one of the world’s most iconic symbols of capitalism? Maybe there IS hope for the future.
the people’s empire
7/15/2011

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