Activist Investor Takes 5.8 Percent Stake in Empire State Building Owner

October 7, 2026 - 09:50

Bruce Schanzer's Erez Asset Management has acquired a 5.8 percent stake in Empire State Realty Trust, the real estate investment trust that owns the Empire State Building and a portfolio of other commercial properties in New York City.

The move signals a potential push for changes at the company, which has faced pressure from investors over its stock performance and strategic direction. Schanzer, who previously led Cedar Realty Trust as chief executive, has a track record of taking activist positions in real estate firms and advocating for operational shifts or asset sales.

Empire State Realty Trust owns the iconic 102-story skyscraper in Midtown Manhattan along with several other office and retail properties. Like many office landlords, the company has dealt with shifting demand patterns as remote work changed how much space tenants need.

The stake purchase makes Erez Asset Management a notable shareholder, though not a controlling one. Activist investors typically use such positions to open dialogue with management, propose board changes, or push for transactions that could boost shareholder value.

Representatives for both Erez Asset Management and Empire State Realty Trust have not publicly detailed what discussions, if any, have taken place. Market watchers will be looking for signs of whether this investment leads to a broader campaign aimed at reshaping the REIT's strategy.