Lease Beat

Private Equity Firm Signs One Grand Central Place Lease

1 Grand Central Place

Private equity group 3i has signed a 10-year, 12,723-square-foot lease at Empire State Realty Trust’s One Grand Central Place, Commercial Observer has learned.

Founded in 1945 with £15 million of capital, today 3i boasts nearly £12 billion of assets under management. The company, headquartered in London, operates offices worldwide and will relocate its New York location to the 41st floor of One Grand Central Place from 400 Madison Avenue. Read More

Lease Beat

Law Firm Signs Lease at One Grand Central Place

1 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. Read More

Empire State Building

New Bid Could Complicate Empire State Building REIT

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(Update appended)

Malkin Holdings has received an unsolicited $710 million offer for One Grand Central Place—another surprise twist that could stifle plans to make the Empire State Building past of a real estate investment trust.

The 1.3-million-square-foot, 55-story building at 60 East 42nd Street is the second largest building in the proposed Empire State Realty Trust and follows a string of previous unsolicited offers made on the Empire State Building itself.

“All these offers make it difficult for the Malkins not to take them into consideration,” said Jason Meister, a vice president at Avison Young who is representing both Joe Sitt and Rubin Schron in two separate bids for the Empire State Building. “It’s a very compelling offer because its value is above what they’re offering it at in the IPO.” Read More

Lease Beat

Allianz Real Estate of America Relocating to One Grand Central Place

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The U.S. Real Estate arm of German insurance company Allianz is relocating to One Grand Central Place from 1114 Avenue of the Americas after signing a 10-year lease for over 7,000 square feet on the 37th floor of the W&H Properties building. Asking rents were $59 per square foot.

“We chose the location based on the competitive rent, the build out that the landlord is undertaking, the excellent light and views and the proximity to Grand Central,” Greg Taubin, executive managing director at Studley, who represented the tenant, told The Commercial Observer.

Read More

Lease Beat

ServiceNow Shuffles to Double Square Footage

Courtesy of Office Spaces

ServiceNow will be shifting around offices in Midtown.

The leading cloud-based services that automate enterprise IT operations move offices and double their space at W&H PropertiesOne Grand Central Place. The firm had initially taken a 4,969 square foot space on the 23rd floor in 2009 and will be moving to a 11,841 square foot Read More

Lease Beat

Aronauer Re & Yudell moves to 60 East 42nd Street

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Aronauer Re & Yudell will be moving its headquarters to 60 East 42nd Street.

The firm will occupy a 8,100 square foot office in the building known as One Grand Central Place. Amenities in the building feature a law library that contains over 10,000 volumes of federal and state law at no expense of the tenants. Asking rent was $49 per square foot. Read More