Empire State Realty Trust will sign iCapital in a long-term, 59,200-square-foot lease agreement that expands the global fintech company’s occupancy at One Grand Central Place in Manhattan to a total of more than 141,200 square feet.
The expansion brings the company’s footprint to six full floors in the approximately 1.3 million-square-foot, 55-story tower. CBRE assisted the tenant, while the landlord was the same Newmark and in-house representation.
Designed by architect Kenneth Norton of JER Carpenter, One Grand Central Place first opened its doors in 1930. Once known as the Lincoln Building, the property at 60 E. 42nd St. had a new incarnation as a desired office destination in 2008, following an $ 85 million renovation and repositioning as One Grand Central Place. Neighbors to the high-rise, which also features 26,000 square feet of ground-level retail space, include information services firm GLG, investment company 3i and tech firm ServiceNow.
ICapital made its first commitment to One Grand Central Place in 2017, signing a full-floor lease of 17,500 square feet after falling sharply on the private outdoor terrace of the office space and the property’s in-building access to Grand Central Station . It has since signed new deals to accommodate growth in some instances; the latest expansion marks its fourth. The previous lease, in October 2021, involved the relocation of several tenants to the building.
Sign of improvement
ICapital’s decision to stay and take an extra elbow at One Grand Central Place isn’t a strange step for Manhattan office users in the second quarter of 2022, as flying toward quality — or the commitment to it — remains a priority for in businesses looking for land and retain top talent. Manhattan office leasing activity in the second quarter reached 5.5 million square feet, 81 percent of which consisted of Class A product, according to research from JLL.
“As companies make rental promises, a growing number of tenants are moving to better-quality offices or expanding their footprint within their current buildings. Relocations and expansions accounted for 55 percent of total leasing activity in Q2, compared to 40 percent before COVID-19, ”according to the JLL report. Meta grew 300,000 square feet at 700 Broadway in the second quarter, Blackstone acquired an additional 330,000 square feet at 601 Lexington and Citadel increased its footprint at 425 Park Ave. of nearly 84,000 square feet.
Turn to iCapital CBREby Lauren Crowley Corrinet, Al Golod and Christopher Hogan for representation in the lease transaction at One Grand Central Place, while ESRT relies on NewmarkErik Harris, Neil Rubin, Scott Klau and William Cohen and in -house help from Ryan Kass and Jordan Berger.