One of New York City's most prominent property owners is shaking up its real estate leadership.
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Thomas Durels, the longtime executive vice president of real estate for Empire State Realty Trust, has begun transitioning out of his role, according to a filing with the Securities and Exchange Commission.
Chief Revenue Officer Ryan Kass and newly hired Chief Operating Officer Jackie Renton will take over his duties as the REIT’s co-heads of real estate, according to the filing. Durels will remain an executive officer through June 30, after which he will serve as a consultant for another year.
During that time, he will continue to earn a base salary of $757K and remain eligible for a bonus, set at a maximum of roughly $1.1M. Under the transition agreement, he will also receive approximately $284K in bonus pay for 2027.
The agreement also awards Durels with company equity totaling $1.4M in 2026 and $698K in 2027.
The filing doesn't disclose whether Durels plans to retire after leaving the firm, which owns the Empire State Building among more than 8M SF of office and retail space and a growing multifamily portfolio. It includes a 12-month noncompete clause starting after his consulting agreement expires.
The filing gives no reason for Durels’ transition. Representatives for ESRT didn't immediately respond to Bisnow’s request for comment.
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Durels joined ESRT’s predecessor, Malkin Holdings, in 1990 and has overseen the company’s leasing, property redevelopment, management and construction activity for more than three decades.
Kass has been at the firm since 2013, heading its leasing department. He was previously a senior managing director at Newmark for 10 years.
Renton was hired by the REIT this month, according to her LinkedIn profile and ESRT's filing. Before joining the company, she served as the COO of Atlas Capital Group for 11 years.
The leadership change comes amid a moment of transition for the small club of New York City-focused office REITs. Paramount Group, which controls 13M SF in Manhattan and San Francisco, struck a $1.6B deal last week to be acquired by a residential mortgage firm. The two biggest NYC REITs, SL Green and Vornado, were reportedly among the bidders.
