Empire State Realty Belief has signed a 77,382-square-foot renewal at One Grand Central Place, its 1.3 million-square-foot workplace tower in Manhattan’s Murray Hill submarket.
Monetary and data companies consulting firm Gerson Lehrman Group Inc. occupies two full flooring on the high-rise, the place it has been a tenant since 2013. Newmark represented the owner, whereas JLL labored on behalf of the tenant.
Notable tenants on the 55-story tower embody Chase Financial institution, Columbia Capital Co., Stark Workplace Suites and Allianz Actual Property of America, CommercialEdge reveals.
One Grand Central Place is throughout Grand Central Terminal, near Bryant Park and to a number of bus and subway stations. The Higher West Aspect and Decrease Manhattan are 3 miles away, whereas John F. Kennedy Worldwide Airport is 15 miles from the property.
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The workplace tower is at 60 E. forty second St. and options floorplates between 9,400 sq. ft and 48,900 sq. ft, 27 passenger elevators, 26,000 sq. ft of first-floor retail house, whereas facilities embody a customer middle, a convention middle, a number of eating choices and specialty retailers inside the close by space.
Initially accomplished in 1930, the constructing underwent renovations and upgrades below the present possession, that embody a brand new foyer, home windows, restrooms and electrical, plumbing and HVAC constructing techniques.
Managing Administrators Paul Kauffman and TJ Hochanadel, along with Vice Chairman Robert Martin and Govt Vice President Dan Santagata with JLL represented Gerson Lehrman Group Inc. Newmark’s Vice Chairmen Scott Klau and William Cohen, together with Govt Managing Director Erik Harris and Managing Director Neil Rubin negotiated on behalf of the owner, with help from the corporate’s Assistant Vice President Kerry Lavelle and Vice Presidents of Leasing Jordan Berger and Shanae Ursini.
Manhattan retains regular
In the course of the first two months of 2025, the nationwide workplace emptiness fee stood at 19.7 %, up 180 foundation factors year-over-year, a latest CommercialEdge report reveals. Elevated charges endured throughout key markets, with Manhattan’s emptiness reaching 16.4 %—marking a 30-basis-point year-over-year decline. In the meantime, the metro’s common itemizing fee of $68.93 per sq. foot remained the very best throughout the U.S.
Latest Manhattan offers embody Appollo International Administration’s 100,000-square-foot lease at 590 Madison Ave. The settlement finalized earlier this week, with moving-in scheduled for 2026. The 1 million-square-foot property is owned by State Academics Retirement System of Ohio.
Rudin additionally landed two renewals totaling 50,700 sq. ft at One Battery Park Plaza in Decrease Manhattan. Two regulation corporations will proceed to take care of their headquarters on the 870,000-square-foot property.
