Fintech firm doubles down at ESRT’s One Grand Central
iCapital Network to occupy more than 64,000 sf across three floors
Fintech firm iCapital Network is again doubling its space at Empire State Realty Trust’s One Grand Central Place.
The company has agreed to a lease extension in the Midtown Manhattan office building for an additional 35,186 square feet on the 25th floor, increasing its presence over three floors to 64,537 square feet across three floors, according to the Commercial Observer.
The extension of the lease at 60 East 42nd Street is for six years, tacked on top of the company’s ongoing 11-year lease with the building. The outlet reports iCapital had seven years left on its lease at the time of the deal, so the company is locked into the building for the next 13 years.
The asking rent of the extension was $69 per square foot, according to the Observer.
ESRT told the outlet some tenants in the 1.3-million-square-foot building were relocated so that iCapital could occupy the full floor the company leases in the extension. Other companies in the building include Haver Analytics and Allianz Real Estate of America.
iCapital began working out of One Grand Central after relocating from 441 Lexington Avenue in 2017, according to the report. At the time, iCapital leased 15,573 square feet. Two years after moving in, the company almost exactly doubled its space, adding another 17,613 square feet to its lease.
The deal for the lease extension closed in August during a promising period for Manhattan’s office market. Colliers International’s quarterly market report said leasing volume jumped to 7.23 million square feet, an increase of 58.8 percent when compared to the second quarter.
The quarterly net absorption of 0.87 million square feet marked the first positive quarter for net absorption in the Manhattan office market in two year. Massive lease renewals by firms based in Midtown South and the Financial District largely powered the bump in leasing volume, The Real Deal previously reported.
[CO] — Holden Walter-Warner
COMPANIES AND PEOPLE