iCapital Expands 42nd St Office 4th Time in 5 Years
Fintech firm iCapital Network has expanded its footprint at One Grand Central Place, 60 East 42nd Street for the fourth time since relocating to the building in 2017 from 441 Lexington Avenue. Initially leasing approximately 17,573-square-foot space on the entire 26th floor, iCapital roughly doubled its office in 2019, adding the entire 27th floor; and again in 2021 with the addition of the entire 25th floor bringing the company’s footprint at the time to over 70,000 square feet. The latest 2-floor signing, which was referred to by the company’s CEO as part of “ongoing expansion,” will add 59,000 square feet, increasing iCapital’s space to approximately 141,000 square feet. Asking rent at the building that is now 93.5% leased is $80 per square foot, representing an $11 per square foot increase of the $69 per square foot asking rent of the 2021 extension.