One Grand Central Place. Credit: Goldman Copeland
NEW YORK CITY—Financial technology platform company iCapital Network has signed a full-floor office lease of 17,500 square feet at Empire State Realty Trust’s One Grand Central Place.
“Beyond finding appropriately-sized space to accommodate its growth, iCapital sought private outdoor terrace space, in-building access to Grand Central Terminal and a full-floor identity,” says Thomas P. Durels, EVP and director of leasing and operations for ESRT. “iCapital is the type of high quality, innovative tenant to whom we have been leasing within our portfolio.”
Lauren Crowley Corrinet, Alexander Golod and Chris Hogan of CBRE represented iCapital in the lease negotiations. Julie Christiano and Lindsay Godard represented ESRT in the transaction, along with William Cohen and Andrew Weisz of Newmark Knight Frank.
iCapital Network is currently located at 441 Lexington Ave. The entire firm and its more than 60 employees will move this fall to its new location at the 55-story, 1.3-million-square-foot One Grand Central Place office building.
Founded in 2013, iCapital Network is a financial technology platform that provides modular alternative investment solutions for registered investment advisors, broker-dealers, private banks, family offices and other investors. The state-of-the-art online portal offers a curated menu of private equity, private credit, venture capital, real estate and hedge funds, due diligence support, an automated subscription process and integration with a range of custodial platforms and reporting packages.
The company announced earlier this month it had strengthened its hedge fund capabilities by extending its hedge fund offerings, expanding its strategic relationship with Fidelity Clearing & Custody Solutions, a division of Fidelity Investments, and appointing Joseph Burns as its head of the hedge fund origination & diligence section. Burns will be responsible for building relationships, identifying high quality fund opportunities, overseeing the firm’s hedge fund diligence efforts and developing the hedge fund pipeline.
Prior to joining iCapital, Burns was a founding partner and co-chief investment officer at hedge fund specialist, Pulse Capital Partners. Previously, he was COO and chief risk officer at TCS Capital Management, a global equity hedge fund. He was also the head of global research at Ivy Asset Management and also served as a portfolio analyst at Soros Fund Management.