ESD Signs 117K-sf Lease for Parallel Midtown Move

The Empire State Development (ESD) agency has signed a 20-year lease to relocate within the Grand Central area to 655 Third Avenue. The state agency’s new office will span across five full floors at the 30-story Midtown building. The space that had an asking rent of $69 per square foot was previously occupied by global conglomerate Mitsubishi International Corporation, which recently relocated to a downsized 68,370-square-foot space at One Five One, 151 W 42nd Street (formerly 4 Times Square). The deal will see the ESD relocate about one block north from an approximately comparable size office at 633 Third Avenue.