Tuesday, August 9, 2022

Fintech company iCapital expands its presence at One Grand Central

Not many financial services companies are expanding within the same building these days. But fintech firm iCapital added two full floors totaling 59,228 square feet at Empire State Realty Trust’s One Grand Central Place, a 1.245 million-square-foot tower from the 1930s at 60 E. 42nd St.

The deal, iCapital’s fourth expansion into the renovated and modernized building since 2017, brings its stake there to 141,224 square feet. The company promotes access and efficiency in alternative investments for the wealth and asset management industries.

iCapital CEO/Chairman Lawrence Calcano said, “Ongoing expansion has allowed us to drive innovation in a contemporary workplace and operate in an environment that invites collaboration.”

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The tenant was represented by Lauren Crowley Corrinet, Al Golod and Christopher Hogan of CBRE. The owner was represented by Jordan Berger of the Trust and by Erik Harris, Neil Rubin, Scott Klau and William Cohen of Newmark.

Asking rents at One Grand Central Place are $80 psf. The tower is 91.3% leased.

Meanwhile, change is in the air at ESRT’s most famous property, which of course is the Empire State Building. On the fun front, TripAdvisor recently named the iconic skyscraper the #1 tourist attraction in the US.

The 2.7-million-square-foot office tower, already boasting numerous upgrades for both tenants and visitors thanks to a $500 million capital improvement, is adding a tenant-only amenity space in the lobby that will include a “village hall” meeting space for 300, basketball court, lounge, food service and bar, and golf simulator lounge.
It will add a gym, restaurants and a massive 23,000-square-foot Starbucks Reserve to open this year.

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There is also a new leasing team, led by Scott Klau of Newmark, who has a strong track record at ESRT’s One Grand Central Place, 1400 Broadway and 111 W. 33rd St.

Nation World News Desk
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