Fintech Firm iCapital Expands to 220K SF at One Grand Central Place

Fintech firm iCapital has made yet another major expansion at Empire State Realty Trust’s One Grand Central Place, Commercial Observer has learned.

iCapital, which expanded to 141,224 square feet at the 55-story office building in 2022, has signed a two-year renewal for its existing space, as well as a 16-year expansion for 78,704 square feet, according to the landlord, who could not name the tenant. The deal brings iCapital’s total footprint at the Midtown building, where it’s been a tenant since 2017, to 219,928 square feet.

The asking rent was not provided, but iCapital’s asking rent in its 2022 deal at the building — which has an alternate address of 60 East 42nd Street — was $80 per square foot, as Commercial Observer previously reported.

ESRT’s Jordan Berger and Ryan Kass and Newmark (NMRK)’s William Cohen, Neil Rubin, Scott Klau and Erik Harris brokered the deal for the landlord, while it was unclear who represented the tenant. Spokespeople for iCapital and Newmark did not immediately respond to requests for comment.

The 1.2 million-square-foot office building across the street from Grand Central Terminal is also home to specialty insurance startup Mosaic Insurance, skin care brand Sol de Janeiro and accounting and wealth management firm CliftonLarsonAllen.

In addition, at ESRT’s Empire State Building, travel technology company Booking Holdings signed a seven-year renewal for its existing 27,377 square feet, as well as an 11-year expansion for 37,186 square feet, bringing its total footprint at the iconic building to 64,563 square feet, according to the landlord. Asking rent was $85 per square foot.

ESRT’s Berger and Shanae Ursini and Newmark’s Klau, Harris, Rubin, Brent Ozarowski, Zachary Weil and Cole Gendels brokered the deal for ESRT, while CBRE (CBRE)’s Frederick Fackelmayer and Joshua Pernice represented Booking Holdings.

Spokespeople for Booking Holdings and CBRE did not immediately respond to requests for comment.

Elsewhere in New York City, ESRT also completed a deal at the 12-story 1333 Broadway, where the New York State Energy Research and Development Authority (NYSERDA) signed a 16-year renewal and expanded to 38,550 square feet, the landlord said. Asking rent was $69 per square foot.

It’s unclear how much space NYSERDA originally had at 1333 Broadway.

ESRT’s Berger and Ursini and Cushman & Wakefield (CWK)’s Robert Lowe, Ron Lo Russo, Anthony LoPresti, Daniel Organ and Samantha Perlman brokered the deal for ESRT, while Cresa’s Peter Sabesan and Richard Selig represented NYSERDA. Spokespeople for NYSERDA, C&W and Cresa did not immediately respond to requests for comment.

Isabelle Durso can be reached at idurso@commercialobserver.com.