Empire State Realty Inks New Leases at Midtown Tower

A law firm and a community bank will take up nearly 50,000 square feet at One Grand Central Place.
One Grand Central Place

The owner of the iconic Empire State Building has signed two more leases totaling roughly 50,000 square feet in Midtown Manhattan’s former Lincoln Building across the street from Grand Central Terminal.

Belkin Burden Goldman LLP and Dime Community Bank are the latest additions to the skyscraper’s tenant roster that comprises mainly financial services, banking, real estate and technology companies.

Built in 1930, the 55-story tower at 60 E. 42nd St. is part of Empire State Realty Trust’s impressive collection of historic skyscrapers in the borough. Following a complete makeover in 2008, the 1,260,077-square-foot high-rise was renamed One Grand Central Place.

Real estate-focused law firm Belkin Burden Goldman inked 30,598 square feet at the tower, represented by Savills’ Jeffrey Peck, Daniel Horowitz and Jacob Stern. The law firm’s current offices reside two blocks southwest at 270 Madison Ave., where they have leased 33,700 square feet since the beginning of 2003, according to CommercialEdge.

Founded in 1864, New York City-based Dime Community Bank committed to 19,401 square feet, after it previously occupied a 3,643-square-foot space at the location. Laterra Real Estate’s Charlie Terrasi oversaw negotiations on behalf of the tenant.

Ryan Kass represented the landlord in-house, in collaboration with William Cohen, Scott Klau, Erik Harris, and Neil Rubin of Newmark.

Rising to new standards

Last December, six of ESRT’s New York City buildings received Fitwel and WELL Health-Safety Rating certifications, in recognition of their high health and employee wellness standards. One Grand Central and 250 W. 57th St. both gained Fitwel 1 Star Ratings. The portfolio totals 6.7 million square feet and represents 83 percent of the company’s assets in the city.

In mid-2020, the REIT announced a significant leadership change when President & COO John Kessler stepped down after roughly five years at the company, and Anthony Malkin took over as president.

According to Avison Young’s latest New York City Office Leasing Report, Manhattan leasing volume in 2020 declined by 51 percent year-over-year, sinking to 19.4 million square feet, a record low for the market. Fourth quarter vacancy rates also reached unprecedented heights in the borough, coming in at 14.2 percent.