Thomas Durels: Thanks, Tony, and good afternoon, everyone. We had another strong year in 2023 and have the people and the properties to deliver strong results in 2024. During the full-year of 2023, we leased over 950,000 square feet in our commercial portfolio. In our Manhattan office portfolio, we leased 862,000 square feet which was our highest annual volume, since 2019. Our new lease spreads averaged 14% for the year, which exceeds the prior three year average. We achieved our highest new starting rents for office leases at the Empire State Building and 1 Grand Central Place. We signed major office leases with quality tenants, including Capco, greater New York Mutual Insurance Company, LinkedIn, Rising Ground, Starbucks, and STV, to name a few.
And we welcomed new retail tenants like Ghirardelli, who will open their first ever New York store at the Empire State Building next to the Observatory entrance. The 34th Street Front now hosts the Starbucks Reserve, Chipotle, Ghirardelli, AT&T and has one more retail opportunity to lease and two new sushi restaurants, one at the base of 1359 Broadway and one in the Empire State Building, which will serve as great amenities to our office tenants. Our property team delivered a strong close to the year. And in the fourth quarter, we achieved positive mark-to-market lease spreads across our Manhattan office portfolio for the 10th consecutive quarter. It was our eighth consecutive quarter in which we achieved positive leased rate absorption for our commercial portfolio.
We increased our Manhattan office lease percentage by 250 basis points compared to a year ago, and 20 basis points quarter-over-quarter to 92.1%, which reflects an increase of 510 basis points since the end of 2021. We leased 164,000 square feet in our commercial portfolio, including 135,000 square feet in our Manhattan office portfolio at 5.8% positive mark-to-market rent spreads. The weighted average lease duration in our Manhattan office portfolio increased to 11.9 years, which is the highest it has been in the last two years. Notable leases signed in the fourth quarter include a full floor 17-year new office lease with Greater New York Mutual Insurance Company for 52,000 square feet at the Empire State Building. Greater New York Mutual will relocate its offices from Madison Avenue to the Empire State Building because of our industry-leading sustainability measures and excellent tenant-only amenities which aid in employee recruitment, retention, and productivity.
We signed a full floor renewal deals with this quarter with Ingram Content Group, Anaplan and Fairfield Maxwell. Ingram renewed their lease for 12 years in a 14,000 square foot space at 1400 Broadway. This marks our third collaboration with Ingram and reflects their desire for our quality services, amenities and convenient location. Additionally, our partnership with Fairfield Maxwell has spanned over 28 years. We signed a 10-year new full-floor office lease with Hanover Street Capital for 13,000 square feet at 250 West 57th Street, and we signed leases for 11 pre-built office suites that totaled 59,000 square feet. Additionally, as shown on Page 10 of our supplemental, we have $51 million in incremental cash revenue from signed leases not commenced and free ramp burn off.
And we’re off to a great start in 2024. We recently signed a 16-year 68,000 square foot expansion lease with Burlington at 1400 Broadway. Burlington has expanded with us 3 times and with this latest expansion, along with an extension of their current lease, Burlington will occupy a total of 170,000 square feet for a 16-year lease term. And we just signed an 11-year 57,000 square foot new lease with Sol de Janeiro, a L’Occitane subsidiary at 1 Grand Central Place. We have a healthy leasing pipeline for 2024 and saw an uptick in tour volume in the fourth quarter, reaching our second highest level since 2019 that should drive leasing activity in the year ahead. We have modest lease expirations in 2024 with 578,000 square feet set to expire. And after the Burlington and Sol de Janeiro leases that were just signed, 320,000 square feet of that is covered by expected renewals, relocations and new leases and only 183,000 square feet are known vacates and 75,000 square feet is undecided at this time.
Based on our annual average of approximately 650,000 square feet of new leases signed in the past 4 years, we are well positioned to increase our lease percentage in 2024. In today’s market, there is a flight to property balance sheet and sustainability quality at every price tier and ESRT offers the top of tier offering in our price bracket. We attract tenants who want product that is modernized, amenitized, energy efficient and well located near mass transit and neighborhood amenities, financially stable ownership, high-quality service and indoor environmental quality at our price points. More and more, we hear tenants are sensitive to rental costs and look for a value proposition as they seek the best office space they can get for their money that will complement their employee and workspace strategy.
Tenants in our price range make up the deepest part of the Manhattan leasing market, as we show on Page 13 of our investor presentation, since 2019, nearly 50% of market leases were for $50 to $75 per square foot in rent, which is our sweet spot. Our unique product is competitive and attractive to tenants as demonstrated by our excellent leasing results, 92% leased percentage from Manhattan office. Of course, we did the hard work over many years. We invested in our assets to provide fully modernized, amenitized product, committed early to build all our tenant spaces with the latest in sustainability and IEQ technology, which sets us apart from competitors and has brought up more and more frequently in our broker and tenant leasing discussions.
