Home MARKET Skincare Company Inks Lease at ESRT’s One Grand Central

Skincare Company Inks Lease at ESRT’s One Grand Central

by Ohio Digital News

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A luxury skincare company just inked an 11-year lease in Empire State Realty Trust’s One Grand Central.

Sol de Janeiro USA, a subsidiary of French beauty brand L’Occitane, is taking 57,000 square feet in the Class A Midtown office tower at 60 East 42nd Street.

The tenant is getting a custom installation, said ESRT’s Thomas Durels.

The annual asking rent for the space was in the high $60s per square foot. Newmark’s Brent Ozarowski represented the skincare company and Jordan Berger of ESRT and a Newmark team including Scott Klau and William Cohen represented the landlord.

Other tenants in the 1.3 million-square-foot building include fintech firm iCapital, Haver Analytics and Allianz Real Estate of America.

L’Occitane recently signed a separate 9,000-square-foot expansion and lease term extension on its 21,000-square-foot space at Empire State Realty Trust’s 111 West 33rd Street.

Like most office-centric real estate investment trusts, ESRT has been beaten up by investors since the pandemic. Its stock price over the past five years has dropped by 37 percent.

But since hitting a second post-pandemic trough last March — the first was in November 2020 — ESRT stock has bounced back. It closed Wednesday at $9.82 per share, up from a 52-week low of $5.39.

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