iCapital's Fourth Expansion with ESRT Adds 60k Square Feet to Space at One Grand Central Place

Since its first 17,573 square foot space signed in 2017, iCapital has grown by 123,651 square feet 

NEW YORK, July 18, 2022 /PRNewswire/ -- Empire State Realty Trust, Inc. (NYSE: ESRT) announced today that iCapital will increase its office space with ESRT for an additional two full floors which total 59,228 square feet in its fourth expansion at One Grand Central Place, for a total of 141,224 square feet across six full floors in a long term lease. iCapital is a leading global fintech company that drives access and efficiency in alternative investing for the asset and wealth management industries. Since its first signed lease in 2017, iCapital has expanded four times with ESRT.

"We are delighted to extend our five-year partnership with ESRT and continue expanding our domestic footprint in the heart of New York City with added space at One Grand Central Place," said Lawrence Calcano, chairman and chief executive officer of iCapital. "Our ongoing expansion has allowed us to drive innovation in a contemporary workspace and operate in an environment that invites collaboration. We look forward to making room for talented individuals to join our team, empowering us to better serve our clients and continue on our trajectory of rapid growth in an unmatched location."

One Grand Central Place offers 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.

"Convenient location, unmatched amenities, and premier indoor environmental quality contributed to iCapital's decision to make its fourth expansion at One Grand Central Place," said Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust.

Lauren Crowley Corrinet, Al Golod, and Christopher Hogan of CBRE represented iCapital in the lease negotiations. Jordan Berger of ESRT and Erik Harris, Neil Rubin, Scott Klau, and William Cohen of Newmark represented the property owner.

More information about One Grand Central Place, and current availabilities, can be found online.

About Empire State Realty Trust 
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area. ESRT owns the Empire State Building – the World's Most Famous Building – and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1 attraction in the U.S. and #3 attraction in the world, in the newly reimagined and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Mar. 31, 2022, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following 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, 2021 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. 

Category: Leasing

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