Fintech Firm iCapital Network Doubles Space at One Grand Central Place
The alternative investment technology company snagged another 35,186 square feet on the 25th floor of the building, also known as 60 East 42nd Street, to bring its total presence to 64,537 square feet across three neighboring full floors. Asking rent was $69 per square foot for the six-year extension of iCapital’s initial 11-year lease, according to landlord Empire State Realty Trust (ESRT) and tenant broker Erik Harris of Newmark.
“We created a contiguous full floor for iCapital Network’s lease extension and space expansion at One Grand Central Place and relocated several current tenants to other suites in the building to make it possible,” ESRT’s Thomas Durels said in a statement.
The deal, which Harris said closed in August, puts iCapital in the building for another 13 years, as the firm had seven years left on its original lease, according to an ESRT spokesperson.
The new deal represents the second time iCapital has doubled its footprint at the 55-story building since it took 17,573 square feet in 2017 to move from 441 Lexington Avenue, CO previously reported. In 2019, iCapital assume the 27th floor of the building, adding 17,613 square feet in a nine-year lease.
Other tenants in the 1.3 million-square-foot building include Haver Analytics, the William T. Grant Foundation, law firm Hoguet Newman Regal & Kenney and Allianz Real Estate of America, the U.S. real estate arm of German insurance company Allianz.
CBRE’s Lauren Crowley Corrinet, Alexander Golod and Christopher Hogan represented iCapital in the deal. ESRT’s Ryan Kass handled the deal in-house, along with Newmark’s Harris, Neil Rubin, Scott Klau and William Cohen. CBRE did not immediately respond to a request for comment.
Celia Young can be reached at email@example.com.