Empire State Realty downgraded at Evercore after tenant Signature’s collapse

As previously reported, Evercore ISI downgraded Empire State Realty (ESRT) to In Line from Outperform with a price target of $7, down from $8. Though the firm remains "cautiously optimistic" that Empire State can continue to garner demand, the pace of lease up is "clearly set back" by tenant Signature Bank’s (SBNY) collapse, the analyst tells investors in a research note. The firm has a "a low level of confidence" that tenant Signature will remain, which will leave Empire State with vacant space to fill in a challenging market, the analyst added.