Editors’ Note

Christina Chiu is the President of Empire State Realty Trust. Prior to her appointment as President, she served as Executive Vice President, Chief Financial Officer since May 2020 when she joined ESRT, and was then appointed to both Chief Operating Officer and Chief Financial Officer in December 2022. Chiu had an 18-year career at Morgan Stanley where she served as Managing Director and Chief Operating Officer of the Global Listed Real Assets Investing business, responsible for business development and capital raising efforts, institutional investor and consultant relationships, oversight of the day-to-day investing business, and execution of strategic initiatives. She began her career as a real estate investment banking analyst on both principal investing and strategic advisory transactions. Chiu is a member of the Real Estate Roundtable Real Estate Capital Policy Advisory Committee, Nareit Advisory Board of Governors, NYU Stern Real Estate Board of Advisors, vice chair of the ULI Technology & Real Estate Council, and a David Rockefeller Fellow of the Partnership for NYC. She also serves on the American Red Cross National Board of Governors. Chiu earned a BS degree in finance and accounting summa cum laude from NYU Stern School of Business.

Will you provide an overview of ESRT’s portfolio and its mission?

Empire State Realty Trust is a New York City-focused REIT that owns and operates a high-quality, well-diversified portfolio of office, retail, and multifamily assets, which includes the Empire State Building and its world-famous Observatory attraction. The portfolio includes 8 million square feet and benefits from the convergence of “live, work, play, and visit.” ESRT operates with a forward-leaning perspective and seeks to deliver value to all our stakeholders, including tenants, brokers, investors, lenders and employees through our top of tier, modernized, energy-efficient assets that offer a strong value proposition, significant service orientation and proactive balance sheet management.

What was the vision for the newly reimagined Observatory experience at the Empire State Building?

The vision for the $165 million top to bottom reimagination was to elevate the experience and improve visitor satisfaction. The reimagination includes our dedicated Observatory entrance that provides a grand sense of entrance; an immersive multi-gallery museum experience on the second and 80th floors that connects the visitors to the entire story of the building from conception and construction to its place in pop culture today; an enhanced viewing experience on the 86th floor; and a completely transformed 102nd floor Observatory which features windows with floor-to-ceiling glass and a glass elevator and shaft.

Will you highlight ESRT’s sustainability and energy-efficiency initiatives?

ESRT’s groundbreaking energy efficiency and decarbonization work started back in 2007, long before the focus on sustainability initiatives became mainstream. Through this work, we have reduced emissions by 51 percent at the Empire State Building and by 41 percent across our entire commercial portfolio. Each system in every building in our portfolio undergoes life cycle analysis and energy modeling to determine return on investment driven energy-savings strategies to implement. We literally wrote the book on how existing buildings, buildings of any age, can be energy efficiency leaders, the Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits, and co-published it with NYSERDA. The Playbook helps other building owners replicate our retrofit strategy and makes deep energy retrofits more accessible and financially viable for others.

We focus on the business case for energy efficiency. Our business and sustainability alignment is deeply integrated into our business model – the retrofits show significant return on investment, not just emissions reductions.

How did your experience at Morgan Stanley prepare you for your leadership role at ESRT?

My experience at Morgan Stanley prepared me in ways I didn’t fully appreciate until I joined ESRT. The role there was multi-faceted and uniquely broad – I was the COO of a global listed real assets investing business and involved with oversight of the day-to-day business, client and consultant relationships and capital raising, as well as investing. That combination taught me how to move fluidly across functions, communicate and build trusted relationships with a wide range of stakeholders, and balance strategic thinking with operational discipline and execution.

When I joined ESRT as CFO in 2020, that background translated immediately. My responsibilities included the oversight of finance, investor relations, capital markets, technology, and human capital, and later expanded when I became CFO and COO in late-2022 and now President. Each chapter has required a holistic view of the business and our stakeholders, an ability to compound learnings and connect dots across teams and situations, and a consistent focus on people, accountability and driving results.

Morgan Stanley is an amazing organization, and I’m grateful for the opportunities I had there and the foundation and breadth of experience it provided.

What have been the keys to ESRT’s ability to attract and retain top talent?

ESRT’s ability to attract and retain top talent starts with our culture. We are a merit-based organization where people who are intellectually curious, driven, and willing to roll up their sleeves can make a real impact. We value both strategic thinking and execution, and our teams embrace that balance – they are thoughtful, analytical, and equally committed to get things done.

We also invest heavily in development of talent. Our people have meaningful opportunities to learn, stretch, and take on more responsibility as they grow. That has been true across my own time here, and it’s something we work hard to reinforce throughout the organization. When people see a path forward and feel supported in taking the next step, they remain engaged and committed.

Finally, we operate with a forward-leaning perspective. We’re not standing still, and that attracts talent who want to be part of a company that is evolving, thinking ahead, and setting a high standard for how to conduct business. That combination of strong values, real accountability, and room to grow has been central to our ability to attract and retain top talent.

When you look to the future of ESRT’s business, what excites you the most?

What excites me most about the future of ESRT’s business is the combination of the progress we’ve made and the opportunities ahead. We are focused on disciplined growth – expanding the business in ways that build durable value, and pairing that with strong operational execution.

We also have a forward-leaning approach to our platform and portfolio. We are constantly evaluating where we can enhance, reinvest, and position our assets and capabilities to drive cash flow growth and long-term value. And our balance sheet provides us with meaningful flexibility and allows us to be active when the right opportunities present themselves.

We have also invested deeply in our people and in strengthening the organization for what’s next – building capabilities, developing talent, and ensuring the team is aligned and ready to execute as opportunities emerge. There is a lot ahead of us, and the opportunity to help shape that trajectory is something I’m genuinely excited about.