Fintech platform iCapital Network is doubling its office footprint at One Grand Central Place.
Empire State Realty Trust announced today that the global financial technology platform will expand 35,186 s/f from its previous 29,351 s/f space for a total of 64,537 s/f 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.”
“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.
