Fintech platform doubles footprint at One Grand Central

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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.

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