Emmis Communications has renewed and extended its lease and licenses at the Empire State Building.
Emmis operates three FM radio stations — including Hot 97 and WBLS 107.5 — from atop the Empire State Building, which they have called home since 1984. The agreement with three Emmis owned FM radio stations is for 16 years.
For the year ended December 31, 2015, revenue from Emmis totaled approximately $1.74 million (inclusive of expense reimbursements). Commencing January 2016, annual revenue (inclusive of expense reimbursements) from Emmis will adjust to an initial amount of $1.26 million, and is subject to escalations. The Company’s total revenue for the year ended December 31, 2015 was $657.63 million.
“We are pleased to extend our relationship with Emmis and look forward to continuing our long-term partnership,” said John Kessler, Empire State Realty Trust’s President and Chief Operating Officer. “We remain focused on renewing our other broadcasters and taking best advantage of our unique presence for all forms of broadcasting and transmission from our location in the middle of Manhattan.”