ESRT Adds 57 KSF Tenant at Manhattan Tower

February 22, 2024

Office Brokerage New York News More Northeast

A skincare and beauty brand will occupy the space for 11 years.

Empire State Realty Trust has signed a 57,203-square-foot leasing agreement at One Grand Central Place, a 1.3 million-square-foot office building in Manhattan. Expanding its New York City presence, skincare and beauty brand Sol de Janeiro USA will occupy the space for 11 years. Newmark represented both parties.

Sol de Janeiro became a subsidiary of L’Occitane in 2021, when the French beauty brand acquired an 83 percent indirect interest in the company for $450 million. L’Occitane recently signed a 9,497-square-foot lease expansion on their existing 20,962-square-foot space at 111 W. 33rd St., ESRT’s 732,314-square-foot building also in Manhattan.

Newmark’s team representing the ownership in the Sol de Janeiro lease comprised Vice Chairs Scott Klau and William Cohen, along with Executive Managing Director Erik Harris and Managing Director Neil Rubin; ESRT Vice President Jordan Berger was also involved in the deal. Newmark Executive Managing Director Brent Ozarowski negotiated on behalf of the tenant.

A closer look at One Grand Central Place

The 55-story tower came online in 1930 and went through an $85 million capex program completed in 2008, which included upgraded windows, elevators and restrooms. The Class A high-rise features floorplates ranging between 9,400 and 48,900 square feet, 27 passenger elevators and some 26,000 square feet of retail space.

Amenities comprise a visitor center, multimedia conference center, lounge area and law library. Some of the building’s tenants include GLG, CLA and Winged Keel Group, as well as iCapital, which signed a 59,200-square-foot lease expansion in 2022, bringing its total footprint to more than 141,200 square feet.

The transit-oriented building is at 60 E. 42nd St., close to the Grand Central Terminal station and less than a mile from the Empire State Building. The high-rise is also within a mile from 1180 Ave. of the Americas, where a nonprofit organization recently leased 45,689 square feet.

Recent office leases in Manhattan

Earlier this month, ESRT signed a 67,865-square-foot lease expansion at 1400 Broadway. Burlington Stores Inc. will now occupy 170,763 square feet across five full floors of the 937,892-square-foot tower.

In January, Evercore expanded its footprint at Fisher Brothers’ Park Avenue Plaza. Committing to another 95,000 square feet, the company now leases more than 500,000 square feet.

According to a recent CommercialEdge office report, Manhattan’s vacancy rate as of January clocked in at 16.5 percent, 150 basis point lower than the national average. The metro’s listing rate was $68.3, well above the $37.4 national figure.