1. ESRT signed an 18,230 sq ft lease with Gerson Lehrman Group. 2. GLG's expansion increases total space to 95,612 sq ft at One Grand Central. 3. The building features modern amenities and excellent transportation access. 4. GLG has been a tenant since 2013, reaffirming ESRT’s stable tenancies. 5. Ryan Kass highlights ESRT's exceptional service and building location.
The lease expansion indicates strong demand and continued tenant commitment, enhancing ESRT's revenue stability. Historically, similar expansions often correlate with positive investor sentiment.
New leases correlate with revenue growth, although macroeconomic factors also play a critical role.
Positive news like this can influence immediate investor reactions, typically seen in lease announcements impacting share prices rapidly. However, long-term benefits depend on market conditions.
The deal follows the firm's recent 77,382 square foot renewal lease at the building
Empire State Realty Trust, Inc. (NYSE:ESRT) announced that it signed an 18,230 square foot expansion lease with Gerson Lehrman Group, Inc. (GLG) – a financial and global information services consulting company – for a total footprint of 95,612 square feet at One Grand Central Place.
GLG renewed its 77,382 square foot office space at the building in April 2025. The company joined the ESRT portfolio in 2013 and now occupies two full floors which overlook Vanderbilt Plaza.
One Grand Central Place features 55 stories of modernized, amenitized office space near New York City's best restaurants, lodging, and entertainment, including the just announced SORA with five curated highly regarded Japanese chef dining concepts and one "direct-from-Tokyo cocktail experience." The building offers unmatched transportation options with convenient in-building access to Grand Central Terminal's commuter trains, five subway lines, and Grand Central Madison access to the LIRR.
"GLG's long-term tenancy at One Grand Central Place reflects the building's unmatched location, premier amenities, and exceptional service," said Ryan Kass, EVP, co-head of real estate, chief revenue officer at ESRT. "We are thrilled to continue our partnership and to provide GLG with a custom office space where the company can grow and thrive."
TJ Hochanadel, Robert Martin, and Dan Santagata of JLL represented GLG in the lease negotiations. Jordan Berger, Shanae Ursini, and Kerry Lavelle of ESRT and Scott Klau, William Cohen, Erik Harris, and Neil Rubin of Newmark represented the property owner.
More information about One Grand Central Place, and prime midtown office availability, can be found online.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE:ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT's flagship Empire State Building, the "World's Most Famous Building," features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor's 2025 Travelers' Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of September 30, 2025, ESRT's portfolio is comprised of approximately 7.8 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.
Source: Empire State Realty Trust, Inc.
Category: Leasing
View source version on businesswire.com: https://www.businesswire.com/news/home/20251112593851/en/
MEDIA CONTACT:
Empire State Realty Trust
Jamie Steinberg
212-400-3339
jsteinberg@esrtreit.com