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iCapital Extends One Grand Central Lease, Doubling Its Footprint

| Commercial Real Estate News, Deals, Featured, Leasing, Office| Views: 0

Fintech platform iCapital increased its footprint at One Grand Central Place in midtown Manhattan, virtually doubling its initial presence in the building to a total of 64,500 square feet. The company added 35,200 square feet at the 55-story high-rise on 42nd Street and extended its running 11-year lease by six more years. Asking rent was $69 per square foot.

CBRE’s Lauren Crowley Corrinet, Al Golod and Christopher Hogan represented the tenant during the negotiations. The landlord — New York-based Empire State Realty Trust (ESRT) — was represented in-house by Ryan Kass, along with Newmark’s Erik Harris, Neil Rubin, Scott Klau and William Cohen.

“We have extended our partnership with ESRT with the expansion of our office space at One Grand Central Place to meet the needs of our clients and our team’s rapid growth,” said Lawrence Calcano, chairman and CEO of iCapital Network. “We are delighted by the convenience of the location and features of the property as consistent with our desire to provide a contemporary, light-filled workspace that encourages collaboration and ensures the safety of our employees, managed by a landlord committed to the provision of industry-leading facilities and client services.”

iCapital first moved in to the 1.3-million-square-foot office space in Midtown Manhattan in 2017, when it took 17,573 square feet in an effort to relocate from 441 Lexington Ave. By 2019, it had occupied the entire 27th floor at One Grand Central Place, adding another 17,613 square feet to its lease.

Former Lincoln Building

“We created a contiguous full floor for iCapital Network’s lease extension and space expansion at One Grand Central Place and relocated several current tenants to other suites in the building to make it possible,” said Thomas P. Durels, executive vice president of real estate at Empire State Realty Trust. “Our thorough return-to-office practices and suite of Indoor Environmental Quality measures give confidence to our tenants, their people, and their guests at One Grand Central Place and throughout our portfolio.”

The building houses the likes of Haver Analytics, Allianz Real Estate of America, law firm Hoguet Newman Regal & Kenney, and the William T. Grant Foundation. On-site amenities include a conference center, dining options, and in-building access to Grand Central Station’s five subway lines, commuter trains and retailers.

ESRT has built a reputation as a leader in sustainable and energy-efficiency real estate, with 76% of its portfolio ENERGY STAR-certified and 100%-powered by renewable wind electricity. As such, the 55-story property is also equipped with several indoor environmental quality measures, such as MERV 13 filters, active bipolar ionization and increased ventilation.

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