Business & Investment

FinTech company headquartered in Manhattan Tower

One Grand Central Place property.Photo courtesy of Empire State Realty Trust

Fintech Platform iCapital Network Inc. has agreed to expand its global headquarters to the Empire State Realty Trust’s One Grand Central Place in Midtown, Manhattan. The tenant occupies three adjacent full floors, adding six years to the first 11-year term.

iCapital called for recent growth and business expansion primarily as a reason for expanding Manhattan’s footprint by 35,186 square feet. The company occupies a total of 64,537 square feet in its 55-story tower.

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The lease expansion follows iCapital’s announcement that it has reached a final agreement to acquire Axio Financial, an end-to-end service provider for the US structured bond market. The transaction is expected to close by the end of this year.

The CBRE team of Lauren Crowley Corinette, Al Gorod and Christopher Hogan represented iCapital in the negotiations. Ryankas of the Empire State Realty Trust represented the owner, along with the Newmark team of Eric Harris, Neil Ruben, Scott Clau and William Cohen.

The Empire State Realty Trust recently completed several enhancements at its 1.2 million square foot office tower on 60 E. 42nd St. Owners focused on adding wellness-oriented features related to the current health crisis, such as the MERV 13 filter and active buy. Increased polar ionization and ventilation.

In a prepared statement, ESRT Executive Vice President Thomas Durrells said that by relocating some tenants to other suites in the building, an adjacent full floor was created for the expansion of iCapital. Said. Office tenants include Allianz, 3i, Johnson Controls, Yardi, Pine Brook Partners, Balfour Beatty and more.

Opposite the Grand Central Terminal, this building has direct access to public transport. Other facilities include access to a tenant-only conference center, visitor center, and numerous adjacent retail stores.

Manhattan showing signs of recovery

Manhattan office vacancies According to commercial edge data, it remained the lowest of the gateway cities. Interest rates in August reached 10.8%, down 10 basis points month-on-month, well below the national average of 15.4%.

Earlier this year, ESRT terminated several other leases on several office properties in Manhattan. In April, retailer Burlington Stores agreed Double its footprint on 1400 Broadway..ESRT has also signed on at One Grand Central Place Two leases totaling 50,000 square feet, Belkin Burden Goldman LLP and Dime Community Bank occupy.The owner of the Empire State Building Closed with $ 850 million credit line In April of this year.

FinTech company headquartered in Manhattan Tower FinTech company headquartered in Manhattan Tower

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