Thomas Durels, the longtime real estate chief at Empire State Realty Trust, is leaving the parent of Manhattan's iconic Empire State Building.
Durels, the firm’s executive vice president of real estate whose ties with the New York real estate investment trust began when he joined its predecessor company in 1990, has begun the transition of his duties to two new co-heads of real estate: Ryan Kass, who’s the REIT’s chief revenue officer of real estate and director of leasing, and Jackie Renton, chief operating officer of real estate.
Empire State Realty announced the moves Monday in a regulatory filing with the Securities and Exchange Commission.
Durels has served in his current position since 2013, according to his LinkedIn profile. A New York real estate heavyweight, he was listed as a 2025 power player in real estate by PoliticsNY and amNewYork.
Kass and Renton will each report to Empire State Realty’s President Christina Chiu and its Chairman and Chief Executive Anthony Malkin, the REIT said.
Durels will remain an executive officer with the REIT through June 30 next year and will serve as a consultant to the company for the year after that.
During the transition period, Durels will continue to receive a base annual salary of $757,050 with continued vesting of his outstanding company equity awards, the REIT said, adding Durels also will remain eligible to earn a bonus for 2025 with a maximum set at about $1.14 million.
Spokespeople for the REIT didn’t immediately respond to a CoStar News request seeking details.
Durels has been responsible for all of the REIT’s real estate activities, including leasing, property redevelopment, management and construction, according to the company’s website.
The REIT, whose portfolio as of June 30 included about 7.8 million rentable square feet of office space, has spent $1 billion in modernizing its mostly pre-war Manhattan office properties with appealing amenities such as outdoor terraces, town halls, and food and beverage options.
Empire State Realty, with 800,000 square feet of retail space and 743 residential units as of June 30, also has entered the apartment space while having picked up retail properties in the trendy Brooklyn neighborhood of Williamsburg.
Kass has been with the REIT since 2013 and previously served as director of leasing, Empire State Realty said. Renton joined the REIT this month from private real estate investment and development firm Atlas Capital Group, where she served as its operating chief.