Lease Beat

2 Grand Central Tower Fills 42nd Floor

2 Grand Central Tower 225x300 2 Grand Central Tower Fills 42nd Floor

Courtesy of The Egge Adventure

ED&F Man have signed a ten-year lease for an office in Rockwood Capital’s 2 Grand Central Tower.

The commodities, logistics, and risk management services firm will grab 22,014 square feet spanning the entire 42nd floor and some of the 41st floor. The firm is in the process of moving in with small work being done to the office.

“There is a lot of existing infrastructure on those floors for trading. There is a back up generation and a lot of heavy infrastructure that they will take advantage of,” explained Neil V. King III, a senior associate at CBRE. “They also loved the light and views. You really get killer views from that floor.”

The building features ribbon windows that wrap around each floor.

Mr. King was joined by his colleague and at CBRE, Paul Amrich, in representing the landlord. Matthew Saker and Brian Hay of CBRE represented the tenant and could not be reached for contact.

The asking rent for the office was $75 per square foot, nestled on the higher end of the building’s range of mid $50s to $80 per square foot.

Rockwood Capital acquired the 44-story, 667,000 square foot building last October. Occupancy rates hover in the low 80s with most of the smaller suites in lower levels being available.

“We are going to commence a renovation within the next month,” Mr. King further explained. “There will be new plazas on both sides of the building. The brick from the third floor down will be removed and cladded with metal. The three story atrium lobby will also be modernized. There will be new glass, a lobby desk, and new cladded columns. They’ll be attractive and white. […] White is coming in. It’s very clean and modern.”

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