Lease Beat

Law Firm Signs Lease at One Grand Central Place

Law firm Hafetz Necheles & Rocco has signed a 10.5-year, 12,720-square-foot lease for the entire 36th floor at Malkin HoldingsOne Grand Central Place. Asking rent for the tower floor space was $59 per square foot.

“It’s a great location and very convenient, with in-building access to Grand Central Terminal,” Tom Durels, executive vice president at Malkin Holdings, told The Commercial Observer.

1gcp exterior Law Firm Signs Lease at One Grand Central PlaceThe landlord will take responsibility for the builtout of the space, with the tenant expected to move in during the first quarter of 2014. The lease, a relocation from 500 Fifth Avenue, was reported earlier this week by Crain’s New York.

One Grand Central Place has undergone $85 million in renovations, including enhancing building-wide systems. Other improvements include the building’s common areas, corridors and bathrooms.

The property currently boasts a variety of availability, ranging from smaller prebuilt space to entire floor plates on the 29th and 39th floors.

“We are seeing good interest and demand from a mix of tenants in a nice variety of industries,” Mr. Durels noted. “That includes financial services, professional services, media, and tech enabled firms.”

In late July, real estate investor Andrew Penson made an unsolicited $710 million offer for One Grand Central, according to The Wall Street Journal. The property has been earmarked for the Malkins family’s much publicized REIT, which will also include the Empire State Building.

As reported by The Commercial Observer, the U.S. real estate arm of German insurance company Allianz signed a 10-year lease for over 7,000 square feet at One Grand Central Place earlier this year.

William Cohen and Ryan Kass of Newmark Grubb Knight Frank represented both the landlord and the tenant in the Hafetz Necheles & Rocco deal.

Follow Gus Delaporte via RSS. gdelaporte@observer.com