Empire State Realty Trust has signed a 77,382-square-foot renewal at One Grand Central Place, its 1.3 million-square-foot office tower in Manhattan’s Murray Hill submarket.
Financial and information services consulting company Gerson Lehrman Group Inc. occupies two full floors at the high-rise, where it has been a tenant since 2013. Newmark represented the landlord, while JLL worked on behalf of the tenant.
Notable tenants at the 55-story tower include Chase Bank, Columbia Capital Co., Stark Office Suites and Allianz Real Estate of America, CommercialEdge shows.
One Grand Central Place is across Grand Central Terminal, close to Bryant Park and to multiple bus and subway stations. The Upper West Side and Lower Manhattan are 3 miles away, while John F. Kennedy International Airport is 15 miles from the property.
The office tower is at 60 E. 42nd St. and features floorplates between 9,400 square feet and 48,900 square feet, 27 passenger elevators, 26,000 square feet of first-floor retail space, while amenities include a visitor center, a conference center, multiple dining options and specialty retailers within the nearby area.
Originally completed in 1930, the building underwent renovations and upgrades under the current ownership, that include a new lobby, windows, restrooms and electrical, plumbing and HVAC building systems.
Managing Directors Paul Kauffman and TJ Hochanadel, together with Vice Chairman Robert Martin and Executive Vice President Dan Santagata with JLL represented Gerson Lehrman Group Inc. Newmark’s Vice Chairmen Scott Klau and William Cohen, along with Executive Managing Director Erik Harris and Managing Director Neil Rubin negotiated on behalf of the landlord, with assistance from the company’s Assistant Vice President Kerry Lavelle and Vice Presidents of Leasing Jordan Berger and Shanae Ursini.
Manhattan keeps steady
During the first two months of 2025, the national office vacancy rate stood at 19.7 percent, up 180 basis points year-over-year, a recent CommercialEdge report shows. Elevated rates persisted across key markets, with Manhattan’s vacancy reaching 16.4 percent—marking a 30-basis-point year-over-year decline. Meanwhile, the metro’s average listing rate of $68.93 per square foot remained the highest across the U.S.
Recent Manhattan deals include Appollo Global Management’s 100,000-square-foot lease at 590 Madison Ave. The agreement finalized earlier this week, with moving-in scheduled for 2026. The 1 million-square-foot property is owned by State Teachers Retirement System of Ohio.
Rudin also landed two renewals totaling 50,700 square feet at One Battery Park Plaza in Lower Manhattan. Two law firms will continue to maintain their headquarters at the 870,000-square-foot property.
This story originally appeared on Commercial Property Executive.
