Gerson Lehrman Group, Inc. Signs 77,382 Square Foot Renewal Lease at One Grand Central Place
Empire State Realty Trust (NYSE: ESRT) has secured a significant lease renewal with Gerson Lehrman Group (GLG) at One Grand Central Place. The renewal encompasses 77,382 square feet across two full floors overlooking Vanderbilt Plaza. GLG, a financial and global information services consulting company, has been part of ESRT's portfolio since 2013.
One Grand Central Place is a 55-story modernized office building featuring premium amenities and strategic location advantages, including direct access to Grand Central Terminal's transportation hub with commuter trains, five subway lines, and LIRR access via Grand Central Madison. The building's location provides convenient access to New York City's premier restaurants, lodging, and entertainment venues.
Empire State Realty Trust (NYSE: ESRT) ha ottenuto un importante rinnovo di contratto di locazione con Gerson Lehrman Group (GLG) presso One Grand Central Place. Il rinnovo riguarda 77.382 piedi quadrati distribuiti su due piani completi con vista su Vanderbilt Plaza. GLG, una società di consulenza nei servizi finanziari e di informazione globale, fa parte del portafoglio ESRT dal 2013.
One Grand Central Place è un edificio per uffici modernizzato di 55 piani che offre servizi di alta qualità e vantaggi strategici legati alla posizione, inclusi l’accesso diretto al centro di trasporto della Grand Central Terminal con treni pendolari, cinque linee della metropolitana e accesso LIRR tramite Grand Central Madison. La posizione dell’edificio garantisce un facile accesso ai migliori ristoranti, hotel e locali di intrattenimento di New York City.
Empire State Realty Trust (NYSE: ESRT) ha asegurado una renovación significativa del contrato de arrendamiento con Gerson Lehrman Group (GLG) en One Grand Central Place. La renovación abarca 77,382 pies cuadrados distribuidos en dos pisos completos con vista a Vanderbilt Plaza. GLG, una empresa de consultoría en servicios financieros e información global, forma parte de la cartera de ESRT desde 2013.
One Grand Central Place es un edificio de oficinas modernizado de 55 pisos que cuenta con comodidades premium y ventajas estratégicas de ubicación, incluyendo acceso directo al centro de transporte de Grand Central Terminal con trenes de cercanías, cinco líneas de metro y acceso LIRR a través de Grand Central Madison. La ubicación del edificio ofrece acceso conveniente a los mejores restaurantes, alojamientos y lugares de entretenimiento de la ciudad de Nueva York.
Empire State Realty Trust (NYSE: ESRT)가 One Grand Central Place에서 Gerson Lehrman Group (GLG)과 중요한 임대 갱신 계약을 체결했습니다. 이번 갱신은 Vanderbilt Plaza가 내려다보이는 두 개의 전체 층, 총 77,382 평방피트에 걸쳐 있습니다. GLG는 금융 및 글로벌 정보 서비스 컨설팅 회사로, 2013년부터 ESRT 포트폴리오의 일부입니다.
One Grand Central Place는 55층 규모의 현대화된 오피스 빌딩으로, 고급 편의 시설과 전략적 위치 이점을 갖추고 있으며, 통근 열차, 5개 지하철 노선, Grand Central Madison을 통한 LIRR 접근이 가능한 Grand Central Terminal 교통 허브에 직접 연결됩니다. 이 건물의 위치는 뉴욕시 최고의 레스토랑, 숙박 시설 및 엔터테인먼트 장소에 편리하게 접근할 수 있습니다.
Empire State Realty Trust (NYSE : ESRT) a conclu un renouvellement de bail important avec Gerson Lehrman Group (GLG) au One Grand Central Place. Le renouvellement concerne 77 382 pieds carrés répartis sur deux étages complets donnant sur Vanderbilt Plaza. GLG, une société de conseil en services financiers et d'information mondiale, fait partie du portefeuille d’ESRT depuis 2013.
One Grand Central Place est un immeuble de bureaux modernisé de 55 étages offrant des équipements haut de gamme et des avantages stratégiques liés à son emplacement, notamment un accès direct au hub de transport de Grand Central Terminal avec des trains de banlieue, cinq lignes de métro et un accès LIRR via Grand Central Madison. L'emplacement de l'immeuble offre un accès pratique aux meilleurs restaurants, hébergements et lieux de divertissement de New York.
Empire State Realty Trust (NYSE: ESRT) hat eine bedeutende Mietvertragsverlängerung mit Gerson Lehrman Group (GLG) im One Grand Central Place gesichert. Die Verlängerung umfasst 77.382 Quadratfuß auf zwei kompletten Etagen mit Blick auf den Vanderbilt Plaza. GLG, ein Beratungsunternehmen für Finanz- und globale Informationsdienste, ist seit 2013 Teil des ESRT-Portfolios.
One Grand Central Place ist ein modernisiertes Bürogebäude mit 55 Stockwerken, das erstklassige Annehmlichkeiten und strategische Standortvorteile bietet, darunter direkten Zugang zum Verkehrsknotenpunkt des Grand Central Terminals mit Pendlerzügen, fünf U-Bahn-Linien und LIRR-Zugang über Grand Central Madison. Die Lage des Gebäudes ermöglicht bequemen Zugang zu den besten Restaurants, Unterkünften und Unterhaltungsmöglichkeiten in New York City.
- Secured renewal of major tenant (77,382 sq ft)
- Demonstrates ability to retain long-term tenants since 2013
- Premium location with direct access to major transportation hub
- None.
Insights
ESRT secures significant tenant retention in challenging NYC office market, demonstrating the value of its prime-located, modernized properties.
This 77,382 square foot renewal with Gerson Lehrman Group represents a significant win for Empire State Realty Trust in today's challenging New York office market. GLG's decision to renew its commitment to occupy two full floors at One Grand Central Place since initially joining in 2013 demonstrates strong tenant satisfaction and validates ESRT's strategy of investing in well-located, modernized office spaces.
The renewal's strategic value extends beyond simple square footage. One Grand Central Place's direct access to Grand Central Terminal's transportation hub has become a crucial competitive advantage in the post-pandemic landscape where commuting convenience significantly influences tenant decisions. This amenity, combined with the building's 55 stories of modernized office space, creates a compelling value proposition for tenants like GLG seeking premium headquarters locations.
For investors, this renewal signals stability in ESRT's Manhattan portfolio and demonstrates the REIT's ability to execute its tenant retention strategy. While the financial terms and lease duration weren't disclosed, renewals typically involve lower capital expenditures than new tenant acquisitions, avoiding costs associated with extended vacancy periods, new tenant improvements, and leasing commissions.
GLG's renewal also validates ESRT's emphasis on sustainability leadership and building modernization – factors increasingly important to corporate tenants with ESG commitments. The retention of this financial and global information services firm suggests ESRT's properties remain competitive in attracting and retaining high-value tenants despite market headwinds facing office REITs.
"One Grand Central Place's unmatched location and office environment have created an ideal headquarters for GLG to convene the world’s leading experts and clients," said Gemma Postlethwaite, CEO at GLG. "We are pleased to continue our long-term partnership with ESRT and see our company continue to grow and thrive at OGCP."
One Grand Central Place features 55 stories of modernized, amenitized office space near New York City’s best restaurants, lodging, and entertainment. The building offers unmatched transportation options with convenient in-building access to Grand Central Terminal’s commuter trains, five subway lines, and Grand Central Madison access to the LIRR.
"Tenants understand the value of ESRT’s unmatched locations, amenities, exceptional service, best-in-class balance sheet, sustainability leadership, and modernized office spaces,” said ESRT’s EVP, Real Estate Thomas P. Durels. “We are pleased to continue our partnership with GLG as they renew their office space at One Grand Central Place.”
TJ Hochanadel, Robert Martin, Dan Santagata, and Paul Kauffman of JLL represented GLG in the lease negotiations. Jordan Berger, Shanae Ursini, and Kerry Lavelle of ESRT and Scott Klau, William Cohen, Erik Harris, and Neil Rubin of Newmark represented the property owner.
More information about One Grand Central Place, and prime midtown office availability, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship
Source: Empire State Realty Trust, Inc.
Category: Leasing
View source version on businesswire.com: https://www.businesswire.com/news/home/20250416285694/en/
Empire State Realty Trust
Jamie Steinberg
212-400-3339
jsteinberg@esrtreit.com
Source: Empire State Realty Trust, Inc.
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