Landmark Management, a real estate investment and management firm, has leased 12,168 square feet on the 52nd floor of One Grand Central Place in Midtown East. The company relocates from its current space at 115, moving closer to Grand Central Terminal.
Empire State Realty Trust owns the building. The transaction marks another office lease at a trophy property in Manhattan's central business district, where commercial landlords continue securing tenants despite broader market softness.
For Landmark Management, the move signals confidence in the Midtown office market and positions the company in a high-visibility location near one of Manhattan's busiest transit hubs. The 52nd-floor location offers views and prestige that strengthen client perception. The relocation reflects demand from professional services firms seeking Grade-A space in established Manhattan submarkets.
For Empire State Realty Trust, this lease adds occupancy and revenue to One Grand Central Place. ESRT has focused on attracting quality tenants to its flagship properties, including the Empire State Building and this Midtown East tower. Securing a full 12,000-plus square foot block demonstrates the building's ongoing appeal to mid-market firms.
The lease terms, including rental rate and length, were not disclosed. However, the size and location suggest market-rate or near-market pricing for trophy Midtown East office space, which typically ranges from the mid-$50s to low-$70s per square foot annually for prime floors.
For other office occupiers, this lease demonstrates that premium Midtown addresses remain attractive to growing professional firms. Tenants willing to pay for location and amenities in well-maintained buildings continue finding space. For landlords struggling with vacancy in secondary markets, the deal reinforces that Class-A properties in prime submarkets retain leasing momentum.
The transaction occurs as commercial real estate brokers work through elevated sublease