search

The Real Deal Logo

Trending

LA court strikes down SB9 law allowing single-family lot splitsLA court strikes down SB9 law allowing single-family lot splitsGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida move
Commercial
New York

Fintech firm expands lease at ESRT’s One Grand Central

iCapital adding 59k sf across two floors for 141K sf footprint

iCapital is upping its footprint with Empire State Realty Trust.

The fintech firm is expanding for the fourth time since 2017 at One Grand Central, adding 59,000 square feet across two floors, the New York Post reported. The lease brings the company’s footprint up to 141,000 square feet.

It wasn’t long ago that the firm doubled its space at the building. Only this past fall, the company reportedly tacked on 35,000 square feet at 60 East 42nd Street. It may not be done either, as iCapital CEO Lawrence Calcano referred to the company’s latest addition as part of “ongoing expansion.”

The asking rent for the space was $80 per square foot. CBRE’s Lauren Crowley Corrinet and Al Golod were among those to represent iCapital, while Newmark’s Erik Harris and Neil Rubin were part of the team representing ESRT, which brought the building’s occupancy up to 93.5 percent.

iCapital relocated to the 1.3 million-square-foot building in 2017, moving from 441 Lexington Avenue. The firm started with slightly more than 15,000 square feet, but has been expanding relentlessly in the last five years.

Sign Up for the undefined Newsletter

Other tenants in the building include Haver Analytics and Allianz Real Estate of America.

Read more

iCapital’s expansion comes as the Manhattan office market continues to try charting a way forward from the pandemic, without much success. Leasing volume fell 3.9 percent in the second quarter, according to data from Colliers. The vacancy rate showed a slight improvement, but it was still up year-over-year and close to February’s 17.4 percent record.

While offices are the bread and butter of Tony Malkin’s ESRT, the company has been diversifying its portfolio and pushing into the multifamily market. Malkin said in a February earnings call the company would look to add more multifamily and retail to its footprint.

That shift was signaled with the $307 million fall purchase of two Manhattan apartment buildings, sporting a combined 625 units.

— Holden Walter-Warner

Tags
Commercial Real EstateEmpire State Realty TrustMidtown ManhattanOffice Leasing