iCapital Network, Inc. More Than Doubles Its Current Office Space With Empire State Realty Trust At One Grand Central Place
Empire State Realty Trust (NYSE: ESRT) has announced that iCapital Network, Inc. will significantly expand its office space at One Grand Central Place by adding 35,186 square feet, bringing total office space to 64,537 square feet. The lease has been extended for an additional six years. This expansion aims to accommodate iCapital's growth and enhance operational capabilities. One Grand Central Place offers top-notch amenities, including access to multiple subway lines and high indoor environmental quality measures, ensuring a safe return to the office.
- iCapital Network is expanding its office space at One Grand Central Place by 35,186 square feet, indicating strong growth.
- The lease extension for six years provides stability and long-term commitments from tenants.
- The property offers high-quality amenities and environmental measures, enhancing tenant attraction.
- None.
NEW YORK, Oct. 13, 2021 /PRNewswire/ -- Empire State Realty Trust (NYSE: ESRT) announced today that iCapital Network, Inc., a leading global financial technology platform that improves access and efficiency in alternative investing for the asset and wealth management industries, will more than double its existing office space at One Grand Central Place. The company will expand 35,186 square feet from its previous 29,351 square foot space for a total of 64,537 square feet of office space across three contiguous full floors. The previous 11-year lease has additionally been extended for six years. The expanded footprint will support iCapital's exponential growth in recent months and continued operational expansion.
"We have extended our partnership with ESRT with the expansion of our office space at One Grand Central Place to meet the needs of our clients and our team's rapid growth," said Lawrence Calcano, chairman and CEO of iCapital Network. "We are delighted by the convenience of the location and features of the property as consistent with our desire to provide a contemporary, light-filled workspace that encourages collaboration, and ensures the safety of our employees, managed by a landlord committed to the provision of industry-leading facilities and client services."
The 55 stories at One Grand Central Place offer premier tenant office spaces and amenities which include a tenant-only conference center, multiple dining options, and in-building access to Grand Central Station's five subway lines, commuter trains, and retailers. Equipped with ESRT's longstanding cocktail of indoor environmental quality measures which include MERV 13 filters, active bi-polar ionization, and increased ventilation, One Grand Central Place allows a confident return to office for tenants and visitors.
"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," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust. "Our thorough return-to-office practices and suite of Indoor Environmental Quality measures give confidence to our tenants, their people, and their guests at One Grand Central Place and throughout our portfolio."
Lauren Crowley Corrinet, Al Golod, and Christopher Hogan of CBRE represented iCapital in the lease negotiations. Property owner representation was provided by Ryan Kass of Empire State Realty Trust, and Erik Harris, Neil Ruben, Scott Klau, and William Cohen of Newmark.
More information about One Grand Central Place, as well as current availabilities, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) owns, manages, operates, acquires, and repositions office and retail properties in Manhattan and the greater New York metropolitan area, including the Empire State Building, the "World's Most Famous Building." The company's office and retail portfolio covers 10.1 million rentable square feet, as of March 31, 2021, which consists of 9.4 million rentable square feet across 14 office properties, including nine in Manhattan, three in Fairfield County, Connecticut, and two in Westchester County, New York; as well as approximately 700,000 rentable square feet in the retail portfolio.
Empire State Realty Trust is a leader in energy efficiency in the built environment and sustainability space, with 76 percent of the eligible portfolio ENERGY STAR certified and 100 percent fully powered by renewable wind electricity. As the first commercial real estate portfolio in the Americas to achieve the evidence-based, third-party verified WELL Health-Safety Rating for health and safety, ESRT additionally earned the highest possible GRESB 5 Star Rating and Green Star recognition for sustainability performance in real estate and was named a Fitwel Champion for healthy, high-performance buildings. To learn more about Empire State Realty Trust, visit esrtreit.com and follow ESRT on Facebook, Instagram, Twitter, and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of words such as "assumes," "believes," "estimates," "expects," "intends," "plans," "projects" or the negative of these words or similar words or expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond ESRT's control and could materially affect actual results, performance or achievements. Such factors and risks include, without limitation, the current public health crisis and economic disruption from the COVID-19 pandemic, a failure of conditions or performance regarding any event or transaction described above, regulatory changes, and other risks and uncertainties described from time to time in ESRT's and ESROP's filings with the SEC, including those set forth in each of ESRT's and ESROP's Annual Report on Form 10-K for the year ended December 31, 2020, under the heading "Risk Factors". Except as may be required by law, ESRT and ESROP do not undertake a duty to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Empire State Realty Trust, Inc.
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