Fintech firm iCapital expands footprint at One Grand Central

Not many financial services firms are expanding within the same building these days. But fintech firm iCapital has added two full floors totaling 59,228 square feet at Empire State Realty Trust’s One Grand Central Place, a 1930-vintage, 1.245-million-square-foot tower at 60 E. 42nd St.

The deal, iCapital’s fourth expansion in the renovated and modernized building since 2017, brings its stake there to 141,224 square feet. The company promotes access and efficiency in alternative investing for the asset and wealth-management industries.

iCapital CEO/chairman Lawrence Calcano said the “ongoing expansion has allowed us to drive innovation in a contemporary workspace and operate in an environment that invites collaboration.”

The tenant was repped by CBRE’s Lauren Crowley Corrinet, Al Golod and Christopher Hogan. The landlord was repped by the Trust’s Jordan Berger and by Newmark’s Erik Harris, Neil Rubin, Scott Klau and William Cohen.

Asking rents at One Grand Central Place are $80 psf. The tower is 93.5% leased.

Meanwhile, change is in the air at ESRT’s most famous property, which of course is the Empire State Building. On the fun front, the landmark skyscraper was recently named the No. 1 tourist attraction in the US by TripAdvisor.

The 2.7-million-square-foot office tower, which already boasts numerous improvements both for tenants and visitors thanks to a half-billion-dollar capital upgrade, is adding a tenants’-only amenity space in the concourse that will include a “town hall” meeting space for 300, a basketball court, lounge, food and bar service and a golf simulator lounge.
It will be in addition to a fitness center, restaurants and a massive, 23,000 square-foot Starbucks Reserve to open this year.

There’s a new leasing team, too, to be led by Newmark’s Scott Klau, which has a strong track record at ESRT’s One Grand Central Place, 1400 Broadway and 111 W. 33rd St.