Investor Presentation October 2018

1 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. You should not rely on them as predictions of future events. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections.

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 similar words or phrases in the positive or negative. For example, statements regarding potential growth in our portfolio, future results from operations, prospective acquisitions, projected leasing, and anticipated market conditions are forward-looking statements.

Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. They depend on assumptions, data or methods which may be incorrect or imprecise, and we may not be able to realize them.

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, the real estate markets, either nationally or in Manhattan or the greater New York metropolitan area; resolution of legal proceedings PERFORMANCEinvolving the company; reduced demand for office or retail space; decreased rental rates or increased vacancy &rates; new office or observatory development in our market; general volatility of the capital and credit markets and the market price of our Class A common stock and our publicly-traded operating partnership units; changes in our business strategy; changes in technology and market competition, which affect utilization of our broadcast or other facilities; changes in domestic or international tourism, including geopolitical events and currency exchange rates; defaults on, early terminations of, or non-renewal of leases, by tenants; insolvency of a major tenant or a significant number of smaller tenants; fluctuations in interest rates; increased operating costs; declining real estate valuations and impairment charges; termination or expiration of our ground leases; availability, terms and deployment of capital; our failure to obtain necessary outside financing; our leverage; our failure to generate sufficient cash flows to service our outstanding indebtedness; our failure to redevelop and reposition properties or to execute any planned capital project, successfully or on the anticipatedPERSPECTIVEtimeline or at the anticipated costs; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate development (including our Metro Tower development site), including construction delays and cost overruns; inability to manage our properties and our growth effectively; inability to make distributions to our securityholders in the future; impact of changes in governmental regulations, tax law and rates and similar matters; our failure to continue to qualify as a real estate investment trust, or 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; misunderstanding of our competition; changes in real estate and zoning laws and increases in real property tax rates; inability to comply with applicable laws, rules and regulations; and damages resulting from security breaches through cyberattacks, cyber intrusions or otherwise, as well as other significant disruptions of our technology (IT) networks related systems.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. 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). We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, 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" in our Annual Report on Form 10-K for the year ended December 31, 2017, any subsequent reports on Forms 10-Q and 8-K and other risks described in documents we subsequently file from time to time with the Securities and Exchange Commission.

2 Investor Highlights

› Pure-play Manhattan and greater New York metropolitan area › Embedded, de-risked growth potential and market leading leasing spreads › Fully modernized assets, centrally located near mass- transit › Secure market position between trophy/class A and class B properties with both upside opportunity and downside protection › Lowest levered balance sheet among office REITs, significant cash position, and no outstanding borrowings against our credit line › Industry leader in sustainability and energy efficiency

3 Manhattan Portfolio Proposition

DOMINANT POSITION New Build Class A “Aged Trophy” Class A › New construction since 2008 › Stock constructed from 1970-2000 that needs base building renovation of approx. $100 PSF › Asking rents of $134F 1,2 › Asking rents of $94 PSF 1,2

› Well-located, redeveloped properties › New Build and Aged Trophy Class A ESRT costs more; Class B offers less › Asking rents of $68 PSF 1

Class B › Existing › Asking rents of $62 PSF 1,2

1 Weighted average asking rents are for Midtown Manhattan. Rents are for direct spaces only. 2 Source: Cushman & Wakefield custom research. 4 Portfolio Overview

PURE-PLAY MANHATTAN AND GREATER NEW YORK METROPOLITAN AREA

10.1 Million Total Rentable 9.4 Million Rentable Square Feet Square Feet of Office Space

GNYMA GNYMA Office Office 18.2% 19.6%

Retail 7.1%

Manhattan Office Manhattan Office 74.7% 80.4%

Company data and filings as of September 30, 2018.

5 Varied Tenant Base

DIVERSIFIED BY INDUSTRY

Other Consumer Non-Profit 13.9% 4.7% Goods 20.6% Media & Advertising 3.9%

Technology Finance, 9.4% Insurance, Real Estate 15.8% Legal Services 3.7% Retail Professional 17.4% Services 10.6%

Industry diversification by annualized fully escalated rent. Company data and filings as of September 30, 2018. 6 Growth from Tenant Expansions

› We have had 151 tenant expansions within our portfolio totaling over 1,034,000 square feet1 › Tenants expand due to the attractive proposition we provide: • Newly redeveloped buildings • Combination of location and amenities • Attractive value price point • Tenant service • Authentic relationships › We focus on tenants that have potential for growth

1 Since 2013, the year in which we went public, through September 30, 2018. 7 Manhattan Portfolio

111 West 33rd Street One Grand Central Place

1359 Broadway 1400 Broadway Office Properties Retail Properties

8 Four Drivers of Embedded De-risked Revenue Growth1

Burn-off of free rent $27 M Signed leases not commenced $22 M Retail $105 opportunity 4 $11 M Million

Lease up of Office mark-to- vacant market redeveloped opportunity3 Manhattan $18 M office space2 $27 M

1 Amounts reflect management’s estimates of additional revenues from the four drivers as of September 30, 2018 to be realized over the next 5 years. 2 Represents the anticipated lease-up of 437,000 square feet of redeveloped Manhattan office space at an average starting rent of $62 PSF. 3 Includes the mark to market opportunity for Manhattan and Greater New York Metro office portfolios. 4 Does not include the potential loss of revenue from tenants who are intentionally vacated for redevelopment or who do not renew.

9 Free Rent Burn-Off and Signed Leases Not Commenced Base Cash Rent Contributing to Cash NOI in the Following Years on a Cumulative Basis Annualized Initial Base Remaining Total Portfolio 2019 2020 2021 Cash Rent 2018 Commenced leases in $27.38 M $1.57 M $22.10 M $27.38 M $27.38 M free rent period Signed leases not 21.94 M 0.20 M 6.16 M 19.95 M 21.94 M commenced Total $49.32 M $1.77 M $28.26 M $47.33 M $49.32 M

9/30/18 Expected Base Rent Incremental New Annual Tenant SF Escalated Commencement Annual Rent Annual Rent GAAP Cash Revenue Clearview Healthcare Partners LLC 10,539 $0.00 M $0.72 M Oct. 2018 Dec. 2018 $0.72 M Captivate 12,352 0.00 M 0.69 M Nov. 2018 Mar. 2019 0.69 M Michael J. Fox Foundation 10,533 0.00 M 0.67 M Dec. 2018 May 2019 0.67 M Nespresso 41,835 0.00 M 2.38 M Dec. 2018 Aug. 2019 2.38 M Dec. 2018– Aug. 2019- Diligent Corporation 44,700 0.73 M 2.86 M 2.13 M Mar. 2020 Nov. 2020 Prime Clerk LLC 15,675 0.00 M 0.85 M Apr. 2019 Jan. 2020 0.85 M Fragomen, Del Rey, Bernsen & 107,680 1.09 M 5.92 M Jul. 2019 Jan. 2020 4.83 M Loewy LLP Signature Bank 91,181 0.00 M 5.44 M Jul.-Sept. 2019 May 2020 5.44 M Oct. 2018 – Dec. 2018 – Other SLNC 77,193 0.04 M 4.27 M 4.23 M Apr. 2019 Sept. 2019 Total 411,688 $1.86 M $23.80 M $21.94 M Company data and filings as of September 30, 2018. 10 Superior Leasing Spreads

ILLUSTRATES MARK TO MARKET OPPORTUNITY

Manhattan office leasing spreads Strong re-leasing spreads Trailing 4 quarters Q3 2018 average3

All leases Q3 2018 New leases Q3 20181 Compared to peer group

$ 61.84 $ 58.48 30.0%

25.0% 24.0% $ 47.12 $ 48.56

20.0%

15.0%

10.0% 7.7%

5.0%

0.0% Prev. New Prev. New Escalated Starting Escalated Starting Rent Base Rent Rent Base Rent ESRT Peer Group PSF2 PSF PSF 2 PSF

Company data and filings as of September 30, 2018. 1 Based on Manhattan office portfolio. 2 Previous escalated rent PSF is adjusted for space remeasurement. 3 Reflects new and renewal leases. Peer group includes September 30, 2018 results for SL Green and Vornado Realty Trust and June 30, 2018 results for Paramount Group. Vornado Realty Trust also reported leasing spreads for Q1 2018 excluding a single lease which significantly impacted reported spreads. Using this additional disclosure, the peer group spread would have been 7.4%.

11 Manhattan Office Mark to Market

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

3 mos 12 mos 12 mos 12 mos 12 mos 9 mos 2018 2019 2020 2021 2022 2023

Current fully escalated rent $51 $53 $55 $54 $57 $57 PSF1

Leased square feet expiring2 220,510 459,175 588,079 455,980 363,454 250,872

Weighted Average Current $61 $61 $65 $63 $63 $64 Market Rent3

Embedded Mark to Market 19.6% 15.1% 18.2% 16.7% 10.5% 12.3% % Growth

1 Fully escalated rents are as of September 30, 2018, exclude SLNC and are adjusted for space re-measurement. 2 Excludes SLNC. 3 Reflects starting rates as of September 30, 2018 without ascribing any future growth. Weighted average starting rent is management’s estimate for new, renewal and below market short term rentals for cash flow purposes and includes both office and storage. The above does not give consideration for downtime to vacate, redevelop and lease. 12 Redevelopment Opportunity

EMBEDDED, DE-RISKED GROWTH

Tenant space to be redeveloped Empire State Building 220,000 SF Balance of Manhattan office portfolio 520,000 SF

Total 740,000 SF

Probable Renovations of Undeveloped Space in 2018-20221 200,000

170,000 SF

110,000 SF 100,000 100,000 SF

10,000 SF 5,000 SF (SF) 0 4Q 2018 2019 2020 2021 2022 Leased Retail Vacant 1 Based upon current views and assumptions, which are subject to change. The balance of the Manhattan office and retail portfolio to be redeveloped in 2023 and beyond will be evaluated at a later date. Company data and filings as of September 30, 2018. 13 Creating Full Floor Availabilities

REDEVELOPMENT CASE STUDY

Floors 55-58 originally had 42 tenants

Adjacent tenants are grouped by lease expiration dates

Spaces are vacated as expired leases 2014are not renewed

Floors 55-58 leased to only 2 tenants

14 Superior Returns from Redevelopment

AN ILLUSTRATION OF THE RETURNS ON INVESTMENTS

White Box Pre-Built WEIGHTED AVERAGE INVESTMENT PER SQUARE FOOT

Tenant space:

Base building $64 $54 Tenant allowance / improvement $92 $133 Leasing commission $29 $18

TOTAL INVESTMENT $185 $205

TTM WEIGHTED AVERAGE RETURN ON INVESTMENT (ROI)1 8% › A vacated white-box space typically requires a full new installation upon the signing of a new lease. › Pre-built spaces typically require refreshment at the end of each lease term, and are intended to be used by one or more tenants over their lifetime.

1 Based on initial incremental rent and the trailing twelve months ended September 30, 2018. 15 Tenant Lease Expirations

WELL-LADDERED MANHATTAN OFFICE PORTFOLIO LEASE EXPIRATIONS1

60.7%

7.0% 6.1% 7.8% 6.0% 4.7% 2.9% 4.8%

Available SLNC 3 Mos 2019 2020 2021 2022 Thereafter 2018

1 Based on rentable square footage. Company data and filings as of September 30, 2018. 16 Vacant Office Space

Current vacancy / Redeveloped vacancy (Manhattan Office) 530,000 SF / 437,000 SF Weighted average starting rent (Manhattan Office) $62 PSF

MANHATTAN OFFICE PORTFOLIO CURRENT VACANT SPACE SQ FEET Signed Leases Not Commenced (SLNC): Manhattan Office Properties SLNC 359,000 Prebuilt 245,000 SF Greater New York Office Properties SLNC 9,000 46% Retail Properties SLNC - Redeveloped Manhattan office space 437,000 Broadcasting 8,000 SF Greater New York Office Properties space 207,000 2% PIO 32,000 SF 6% Retail Properties space 66,000 Storage Undeveloped Undeveloped Manhattan office space 30,000 26,000 SF 30,000 SF 5% 6% Space held off market 29,000 Other 34,000 Whitebox / Demo Total portfolio vacant space 1,171,000 160,000 SF Off Market 30% 29,000 SF 5%

Weighted average starting rent is management’s estimate for new leases. Vacant redeveloped space consists of the sum of the categories of Whitebox/Demo, Prebuilt and PIO. PIO represents “Prepared for Immediate Occupancy.” Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Company data and filings as of September 30, 2018. 17 Tenants Relocating to ESRT

ATTRACTING TENANTS FROM ALL PARTS OF NYC AND BEYOND OVER PAST 12 MONTHS

From Outside Manhattan 7 Tenants Representing 45,932 SF

From Midtown (West) (Madison/Fifth, Penn Station/ Times Square South, Rockefeller Center, West Side) 16 Tenants Representing 142,638 SF From Midtown (East) (Grand Central, Murray Hill, Park Avenue) 21 Tenants Representing 232,777 SF

From Midtown South and Downtown (Chelsea, Financial District, Madison Square, SoHo) 8 Tenants Representing 62,899 SF From Internal Expansion/Renewals 38 Tenants Representing 232,842 SF

Company data as of September 30, 2018.

18 Observatory Performance

CONSISTENT PERFORMANCE THROUGH ECONOMIC CYCLE AND NEW ATTRACTIONS

One World Observatory Observatory annual revenue1 (millions) Opens 2.1 Million Visitors 102nd floor (estimated 2017) closed Q1 to 2001 – 2017 CAGR 9/11 Museum Opens replace 10.7% 3.1 Million Visitors elevator. 102nd floor (estimated 2017) $127.1 $124.8 revenue in 1Q 2017 was $1.9 million. $111.5 $112.2

$101.8 $96.7 Financial $94.2 $91.9 Crisis Hits Top of the Rock Reopens $78.9 $80.6 2.9 Million Visitors $72.2 $71.6 (estimated 2017) $62.9 $56.3 $50.1 9/11 $40.0 $33.4 $29.6 $25.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 9M 9M 2017 2018

1 Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. Company data and filings as of September 30, 2018. 19 19 Who Visits the Observatory?

77% OF VISITORS DECIDE TO VISIT BEFORE LEAVING HOME

International vs. Domestic: 62% International, 38% Domestic

Age Group: Domestic 38% International 53% 18-34 years old 62% Male vs. Female: 59% Female, 41% Male

Top 6 foreign countries: England/ Scotland/ Canada France China Spain Italy Wales

Data from ESRT customer polling from February 2018 and August 2018. 20 Observatory Ticket Mix

ACTIVE MANAGEMENT OF TICKET MIX TO MAXIMIZE MARGINS

Direct sales at Growth in Observatory Revenue Per Capita1 full price is $33.00 largest source $32.00 $31.00 $30.00 Per capita 1Q 2018 $29.00 Introduction of TTM lower; 102nd $28.00 floor closed to variable pricing replace elevator. during peak demand $27.00 $26.00 (key holidays and $25.00 busy calendar $24.00 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q periods) 20142014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018

Retail Pricing – starting at Adult2 Main Deck Only (86th Floor) $37.00 Dynamic Pricing Category # of Days Main Deck Only (86th Floor) Express $65.00 Standard Day 210 Main Deck + Top Deck (86th & 102nd Floors) $57.00 In Season Day 71 Main Deck + Top Deck Express (86th & 102nd Floors - No Waiting) $85.00 Peak Day 84 AM/PM Experience (86th Floor) $53.00 Sunrise Experience (86th Floor) $100.00 Premium Experience – Guided Tour (86th & 102nd Floors – No Waiting) $175.00

1 Revenue per Capita equals: a) Observatory revenue less the fixed license fee received from WDFG North America, the Observatory gift shop operator, divided by b) number of visitors. Based on company data and filings as of September 30, 2018 on a trailing twelve months basis. 2 Pricing as of October 30, 2018. 21 Valuing The Observatory

SUM OF THE PARTS VALUES BOTH RENTAL REVENUE AND RESIDUAL PROFIT STREAMS

Observatory Results – 2Q 2018 Trailing Twelve Months In $MM Revenue $130 Less Operating Expenses 31 NOI 99 Less Intercompany rent expense 80 NOI after intercompany rent $19

› If ESRT did not operate the Observatory and leased it to a third party, an operator would have to pay rent. Potential rent would be at least what ESRT pays in intercompany rent and this potential rent would be valued at an appropriate cap rate for Manhattan office and retail properties. › The residual NOI would be valued as an operating business similar to a gated attraction.

Intercompany Rent Capitalized at Residual NOI Multiplied by a Gated Total Observatory a Market Cap Rate Attraction Business Multiple Implied Value

Company data and filings as of September 30, 2018. 22 Retail Opportunity

› 719,185 SF of total retail space

› 90.8% occupied / 90.8% leased

› Annualized fully escalated rent of $92.6 million

› 66,339 SF of retail space available to lease, including 27,324 SF of ground floor space, in 5 high traffic locations

• Empire State Building, One Grand Central Place, 1400 Broadway, 501 Seventh Ave and Westport

Company data and filings as of September 30, 2018. 23 Retail Mark to Market and Vacant Space

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

3 12 12 12 12 9 months months months months months months Vacant 2018 2019 2020 2021 2022 2023

Current fully escalated rent N/A N/A $163 $127 $155 $149 $109 PSF1

Leased square feet expiring2 66,339 N/A 24,319 28,182 32,365 59,540 49,673

Weighted average market $105 N/A $261 $153 $176 $158 $112 rent PSF3

Mark to Market % Growth N/A N/A 60.1% 20.5% 13.5% 6.0% 2.8%

1 Fully escalated rents are as of September 30, 2018, exclude SLNC and are adjusted for space re-measurement. 2 Excludes SLNC and includes ground floor, below grade and 2nd floor space. 3 Reflects starting rates as of September 30, 2018 without ascribing any future growth. Weighted average starting rent is management’s estimate for new, renewal and below market short term rentals for cash flow purposes. The above does not give consideration for downtime to vacate, redevelop and lease.

24 Retail Value Creation Case Study

SUCCESSFUL REPOSITIONING OF 112 WEST 34th STREET › 88,513 SF on 3 floors leased to one › New leases were signed with tenant, including 2 levels of office and Footlocker, Sephora and Target by storage, for $2.2 million in annualized March 2017 for annualized rent of fully escalated rent that expired in April $20.9 million 2016 Total $18.7 million annualized › The space was redeveloped into a multi- rent increase for 846% Mark to Market level retail space leased to 3 tenants

Company data and filings as of September 30, 2018.

25 Strong, Flexible and Liquid Balance Sheet

CAPITAL STRUCTURE STRATEGY

Low leverage with laddered debt maturities

FINANCIAL STRATEGY Significant cash on hand Access to a variety of forms of capital

26 Fortress Balance Sheet

STEADY IMPROVEMENT THROUGH PERFORMANCE

Net Debt to EBITDA1 7.0

6.0 5.7X 5.4X PEERS2 4.9X 5.0 Net Debt / 4.0 3.7X 3.7x 8.3x 3.5X EBITDA 3.1X 3.0

2.0 Net Debt / 20% 42% 1.0 Enterprise Value

0.0 Year Year Year Year Year Period Ended Ended Ended Ended Ended Ended 2013 2014 2015 2016 2017 2018

1 2013 based on fourth quarter EBITDA annualized. Subsequent periods are calculated based on trailing twelve months EBITDA. 2 Peer group includes Boston Properties, SL Green and Vornado Realty Trust as of September 30, 2018 and Paramount Group as of June 30, 2018 for net debt/EBITDA. Peer group includes Boston Properties, SL Green and Vornado Realty Trust as of September 30, 2018 and Paramount Group as of June 30, 2018 for net debt/enterprise value. 27 Improved Balance Sheet Flexibility

UNENCUMBERING THE PORTFOLIO

Repaid $844 million in mortgage loans, adding approximately 8.0 million square feet to the unencumbered pool since IPO

Repaid $844 million, including mortgage loans At IPO securing: Sept 2018 100% 99% › Empire State Building 100% 79% › 250 W. 57 th Street 80% 60% 50% 40% › 500 Mamaroneck 21% 20% <1% th 0% › 501 7 Avenue 0% Portfolio SF › 69-97 Main Street Portfolio SF Encumbered › 1359 Broadway Encumbered Unencumbered Unencumbered › One Grand Central Place › 1400 Broadway › 1350 Broadway › 111 W. 33rd Street

28 Debt Maturity

WEIGHTED AVERAGE MATURITY INCREASED FROM 3.1 YEARS AT IPO TO 8.3 YEARS

CURRENT DEBT MATURITY PROFILE (AS OF SEPTEMBER 30, 2018)

($ millions)

$808

$233

$319 $575 $250 $265 $194 $100 $78 $50 $125

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 and thereafter Unsecured private placement Mortage Debt Exchangable Notes Revolving Credit Facility Term Loan

Company data and filings as of September 30, 2018.

29 Support for Future Growth

BALANCE SHEET STRENGTH AND FLEXIBILITY

Low Leverage 1 › Net debt / enterprise value: 20% Capital Structure › Net debt / EBITDA: 3.7x Exchangeable Senior › Interest coverage: 5.0x Mortgage Debt Unsecured Notes $616 mm $250 mm Senior › Attractive in place debt 9% 4% Unsecured Notes › Weighted average interest rate of Private Perpetual Preferred $800 mm $26 mm 11% 3.84% <1% › Weighted average debt maturity of 8.3 Senior Unsecured Term Loan years $265 mm 4%

Liquidity

› $230 million in cash and cash equivalents; $400 million in short term investments › $0 drawn on $1.1 billion unsecured credit facility with accordion feature allowing for maximum aggregate principal balance of $1.485 billion › Untapped debt capacity embedded in unencumbered assets Equity $5,038 mm › Well-laddered and long-dated debt maturities 72%

1 Based on stock price of $16.61 as of September 30, 2018 and 303.3 million fully diluted shares outstanding. Net debt as of September 30, 2018 of $1.30 billion. 30 Creating Value Through Sustainability

EMPIRE STATE BUILDING CASE STUDIES

Replicable Process Forms Basis for ULI’s Tenant Energy Optimization and EPA’s Tenant Star Program

Utility costs represent the third largest component of tenant expenses after salaries and rent

3 ESB Tenant Energy Optimization Projects Examples Global Brands › Annual savings Coty Group LinkedIn of $4.4 M

Energy reduction 31% 12% 38% › 3.1 year payback › Energy Star 86 328% 126% 93% ROI over lease term › Quantifiable transparent IRR 44% 21% 24% results › Visit Payback period 2.7 yrs 4.6 yrs 4.1 yrs www.esbsustainability.c (with incentives) om

Visit: http://tenantenergy.uli.org/case-studies/

31 Sustainability Measures Energy Efficiency Example › 100% of portfolio has undergone whole building energy retrofit analysis › Work pioneered by ESRT led to EPA’s Energy Star for Tenants

Building Certification › 86% of portfolio has a robust or partial building management system in-place

Day to Day Green Practices › 100% of portfolio has waste recycling, green cleaning and pest control; low/no off-gassing paints and wall coverings; water conservation; and recycled paper product use

Sustainability Programs › 100% of portfolio has annual and long-term sustainability targets

Visit www.esbsustainability.com and www.empirestaterealtytrust.com/about-us/sustainability for more details 32 Greater NY Metropolitan Office Portfolio

QUALITY ASSETS AND TENANTS › Best assets located at or Highway Metro-North Railroad near major transit hubs Metro-North Train Stop 684 › Full amenities Norwalk

95 › 13.1% of 3Q 2018 NOI / Stamford 18.2% of total SF White Plains 287 › 88.3% occupied / 88.8% leased

Harrison › Notable tenants include: Legg Mason, Thomson ~30 miles to Reuters, OdysseyRe, Midtown Manhattan PartnerRe and Berkshire Hathaway 10 Bank Street 500 Mamaroneck Avenue

First Stamford Place Metro Center 383 Main Avenue Company data and filings as of September 30, 2018.

33 Tenant Lease Expirations

GREATER NY METROPOLITAN PORTFOLIO LEASE EXPIRATIONS1

44.5%

11.2% 12.2% 12.8% 11.4% 6.5% 0.5% 0.9%

Available SLNC 3 mos 2019 2020 2021 2022 Thereafter 2018

1 Based on rentable square footage. Company data and filings as of September 30, 2018.

34 Greater NY Office Mark to Market

CURRENT 2018 MARKET RENT VS. CURRENT FULLY ESCALATED RENT

3 mos 12 mos 12 mos 12 mos 12 mos 9 mos 2018 2019 2020 2021 2022 2023

Current fully escalated rent $37 $37 $44 $44 $36 $46 PSF1

Leased square feet expiring2 16,123 224,903 235,589 210,934 120,775 112,205

Weighted Average Current $37 $36 $42 $42 $35 $42 Market Rent3

Embedded Mark to Market 0.0% -2.7% -4.5% -4.5% -2.8% -8.7% % Growth

VALUE OF THE EMPIRE STATE BUILDING BRAND

› 87 years of brand references and popular cultural references make ESB an iconic brand

› Branding yields millions in › Top of the Rock advertising value equivalent › One WTC VS. (AVE) annually representing › 30 Hudson Yards effectively free advertising › One Vanderbilt › ESB has a global brand recognition that would be difficult or expensive for others to recreate

FY 2017 TOTAL RESULTS 31B $65MM 92MM MEDIA IMPRESSIONS1 AD VALUE1,2 SOCIAL MEDIA IMPRESSIONS1

1 Media impressions is based on U.S. print, online, and broadcast outlets; excludes international print, online and broadcast outlets. Data for media impressions and ad value is from Cision, while data for social media impressions is from Sysomos. 2 The ad value equivalent (AVE) dollar figure does not include the value of the social media impressions.

36 ESB’s partnership with ABC, Jimmy Kimmel Live!, Google, Eminem, and Interscope Records

MEDIA COVERAGE 1.1B $1.8MM 112MM MEDIA IMPRESSIONS AD VALUE EQUIVALENCY SOCIAL MEDIA IMPRESSIONS

Data for media impressions and ad value is from Cision and data for social media impressions is from Sysomos. 37 Delivered on Promises

EXECUTED ON LEASING

Cash NOI Growth 3Q 2018 Even With Fluctuating Occupancy $400,000 90.0% › 354,099 SF of leasing 89.5%

› 27.3% spreads $360,000 thousand 89.0%

achieved on new 88.5% Manhattan office $320,000 88.0% leases 87.5%

› 10.5% CAGR on TTM $280,000 87.0% cash NOI from 3Q 86.5% 2014 through 3Q 2018 $240,000 86.0%

TTM Cash NOI (left axis) Total Portfolio Occupancy (right axis)

1 Company data and filings as of September 30, 2018. 2 Amounts in thousands. Company data and filings as of September 30, 2018. Cash NOI is a non-GAAP measure that is reconciled to its GAAP equivalent measure in the appendix. 3Q 2014 partially excludes the benefit of the acquisitions on July 15, 2014 of the option properties at 1400 Broadway and 111 West 33rd Street.

38 ESRT Metrics Since IPO

DAILY VOLUME, FLOAT, AND COMPARABLE PERFORMANCE Average Trading Volume in 2018YTD: 1,217,411 shares Daily Average Trading Volume in 2017: 852,657 shares Volume Average Trading Volume in 2016: 984,876 shares Average Trading Volume in 2015: 844,333 shares Average Trading Volume in 2014: 590,317 shares

Class A common shares now comprise 56% of the operating Float partnership, driven by conversion requests from OP units and Class B shares totaling 43.7 million Class A shares1 and the QIA investment in 29.9 million Class A shares

Stock ESRT Total Return Since IPO: 34.1%2 Performance vs. RMS Total Return Since IPO: 45.9%2

1 As of September 30, 2018, the Company had conversion requests from operating partnership units and Class B common shares to Class A common shares totaling 43.7 million shares, or approximately $726 million at the closing share price of $16.61 on September 30, 2018. This represents a 53% increase in the number of Class A shares since our IPO. 2 Data as of IPO Date 10/2/2013 to 10/22/2018. 39 Management Team

EXPERIENCED AND COMMITTED

Anthony E. Malkin John B. Kessler Thomas P. Durels David A. Karp Thomas N. Keltner, Jr. Chairman & President & Chief Executive Vice President, Executive Vice President Executive Vice President, Chief Executive Officer Operating Officer Real Estate & Chief Financial Officer General Counsel 30 years with ESRT 4 years with ESRT 28 years with ESRT 7 years with ESRT & Secretary 30 years in industry 29 years in industry 35 years in industry 36 years in industry 40 years with ESRT A.B. from A.B. from B.S. from B.A. from University of 40 years in industry Harvard College Harvard College and Lehigh University California, Berkeley and A.B. from Harvard M.B.A. from the Wharton M.B.A. from the Booth College and J.D. from School at the School at the University of Pennsylvania Columbia Law School University of Chicago

› Senior management team with an average of approximately 34 years of experience in real estate › Since IPO, management team bench has been deepened with key additions › Extensive experience in Greater New York area real estate, through several economic and real estate cycles › Management is aligned with shareholders › Senior management team owns a significant amount of stock

40 41 Appendix

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Three Months Ended Year Ended Year Ended Year Ended Period From 10/7/13 Reconciliation of Net Income to NOI September 30, June 30, March 31, December 31, September 30, June 30, March 31, Dec 31, Dec 31, Dec 31, through and Cash NOI 2018 2018 2018 2017 2017 2017 2017 2016 2015 2014 12/31/13

Net Income $ 29,230 $ 30,184 $ 18,058 $ 32,260 $ 35,489 $ 31,359 $ 19,145 $ 107,250 $ 79,928 $ 70,210 $ 193,431 Add: General and administrative expenses 13,148 13,225 12,628 13,749 12,899 12,579 11,088 49,078 38,073 39,037 16,379 Depreciation and amortization 42,475 39,468 39,883 40,842 38,490 40,532 40,846 155,211 171,474 145,431 27,375 Interest expense 20,658 20,525 17,591 16,364 16,890 17,477 17,742 71,147 67,492 66,456 13,147 Loss on early extinguishment of debt - - - - 2,157 ------Loss from derivative financial instruments - - - - - 42 247 - - - - Construction expenses ------3,222 38,596 5,468 Acquisition expenses ------98 193 3,382 138,140 Income tax expense (benefit) 2,135 1,455 (260) 2,340 2,245 2,556 (468) 6,146 3,949 4,655 (1,125) Less: Third-party management and other fees (312) (376) (463) (312) (345) (392) (351) (1,766) (2,133) (2,376) (550) Interest Income (3,485) (2,499) (1,225) (773) (774) (775) (621) (647) (100) (59) (16)

Construction revenue ------(1,981) (38,648) (5,265) Acquisition break-up fee ------(2,500) - -

Gain on settlement of lawsuit related to the Observatory ------(975) - Gain on consolidation of non-controlled entities ------(322,563) Net operating income 103,849 101,982 86,212 104,470 107,051 103,378 87,628 386,517 357,617 325,709 64,421

Straight-line rent (5,000) (5,809) (5,853) (5,963) (6,861) (7,722) (5,998) (30,147) (21,056) (39,715) (8,932)

Above/below-market rent revenue amortization (1,668) (1,551) (1,168) (1,567) (1,607) (1,119) (1,428) (8,794) (19,353) (14,095) (1,903) Below-market ground lease amortization 1,957 1,958 1,958 1,958 1,957 1,958 1,958 7,831 7,831 4,603 398 Total cash net operating income 99,138 96,580 81,149 98,898 100,540 96,495 82,160 355,407 325,039 276,502 53,984

Company data and filings as of September 30, 2018. Amounts in thousands. 42 Appendix

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Reconciliation of Rental Revenue and Tenant Twelve Months September 30, June 30, March 31, December 31, September 30, Expense Reimbursement to Cash Revenues to Date 2018 2018 2018 2017 2017

Rental revenue $ 493,566 $ 123,621 $ 124,038 $ 122,311 $ 123,596 $ 122,391 Tenant expense reimbursement 72,416 18,627 16,205 17,794 19,790 20,346 Deduct: Straight-line rental revenues (22,625) (5,000) (5,809) (5,853) (5,963) (6,861) Above/below-market rent revenue amortization (5,954) (1,668) (1,551) (1,168) (1,567) (1,607) Total cash revenues $ 537,403 $ 135,580 $ 132,883 $ 133,084 $ 135,856 $ 134,269

Company data and filings as of September 30, 2018. Amounts in thousands. 43