Luxury skin care brand Sol de Janeiro USA, a subsidiary of L’Occitane, is expanding its Manhattan presence by 57,203 square feet.
Empire State Realty Trust’s newly signed lease at One Grand Central Place speaks more to the vitality of ESRT’s 8.6 million square foot office portfolio than its size.
The deal at One Grand Central (also known as 60 E. 42nd St.) follows Sol de Janeiro USA’s recent expansion at ESRT’s 111 W. 33rd St.
This new lease is not as large as some of Manhattan’s recent leases, such as Fisher Brothers’ 143,000 square feet at InterContinental Exchange at 1345 Sixth Avenue (Grand Central Tower 90.7% of its 1.24 million square feet are leased at the highest asking rent ($60 psf)
However, this reflects ESRT’s overall strong performance.
The Anthony Malkin-led company said in its fourth-quarter earnings report that 90.6% of towers across its portfolio are leased (including both office and retail).
In addition, net operating income (NOI) for the company’s automated teller machine, the Empire State Building Observatory, was on par with its 2019 fourth quarter revenue of $36.2 million.
