iCapital Expands Office Footprint at One Grand Central Place, Again
By Mark Hallum July 18, 2022 2:20 pm
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iCapital is growing fast, having signed its fourth expansion at One Grand Central Place since moving to the Empire State Realty Trust-owned building in 2017.
The fintech firm’s global headquarters will now span 141,224 square feet with the addition of two floors totaling 59,228 square feet, less than a year after doubling its space to 64,537 square feet, the New York Post first reported.
There was an additional expansion of about 17,000 square feet between the deal in October and the most recent expansion, according to ESRT.
Asking rent was $80 per square foot, an $11 increase from the six-year extension of iCapital’s initial 11-year lease agreed upon in October, according to the Post.
Lauren Crowley Corrinet, Alexander Golod and Christopher Hogan of CBRE (CBRE) represented iCapital in the lease negotiations while Ryan Kass and Jordan Berger of ESRT handled it in-house along with Newmark (NMRK)’s Erik Harris, Neil Rubin, Scott Klau and William Cohen. CBRE and Newmark declined to comment.
“Convenient location, unmatched amenities, and premier indoor environmental quality contributed to iCapital’s decision to make its fourth expansion at One Grand Central Place,” Thomas Durels, executive vice president of real estate at ESRTt, said in a statement.
iCapital first began its migration away from 441 Lexington Avenue in 2017 taking 17,500 sq square feet on the 26th floor of One Grand Central, with a major draw being a 7,200-square-foot outdoor terrace.
Mark Hallum can be reached at mhallum@commercialobserver.com.
