Management consulting firm Bain & Co. is relocating to a renovated New York building with a blocklong outdoor landscaped deck overlooking Grand Central Terminal in the latest sign of employers seeking well-located properties with desirable amenities.

Bain signed a lease spanning 235,200 square feet in its planned move to 22 Vanderbilt from its current home at the Grace Building at 1114 Avenue of the Americas, 22 Vanderbilt’s owner, Milstein Properties, said Monday in a statement, adding that the firm is doubling its footprint at its new digs. Bain plans to move in 2026 and initially occupy four floors. The firm’s lease, spanning about 121,300 square feet, expires in February 2030, according to CoStar data.

The new lease at 22 Vanderbilt ranks as one of the largest office deals in Manhattan this year, after Bloomberg's recent renewal and extension of its headquarters lease at 731 Lexington Ave., CoStar data shows. Across Manhattan, new or upgraded office buildings have been drawing more tenants on average in the wake of the pandemic lowering demand.

22 Vanderbilt is 91% occupied after recently signing Bain and four other tenants in leases totaling more than 460,000 square feet, Milstein said. Public relations firm Joele Frank last year also signed a lease spanning 80,000 square feet, a spokesperson for Brookfield Properties, a strategic partner for the building’s leasing, asset management and marketing, told CoStar News in an email, saying 22 Vanderbilt “drafted off” the success of One Vanderbilt just across the street.

A trophy tower of Manhattan’s largest office landlord, SL Green, One Vanderbilt is about 100% leased, according to CoStar data. In contrast, the Grand Central market, where both buildings sit, has a vacancy rate of 17.3%, above New York’s record-high average of 14.2%, according to CoStar data.

"The building’s success and leasing momentum underscore its reputation," as a premier location for businesses, Milstein Chief Operating Officer Damon Lopez-O’Dwyer said in the statement.

The building is one of the six with direct in-building access to Grand Central Terminal, the Brookfield spokesperson said.

The 29-story, 1.2 million-square-foot 22 Vanderbilt underwent a full-scale redevelopment, designed by SHoP Architects, upgrading the building’s structural and mechanical systems. The overhaul also included the creation of over 275,000 square feet of amenities, such as a redesigned lobby set beneath the building’s central atrium, a fitness and wellness club, and a conference center with double-height ceilings.

The building also features a specialty coffee shop, a cocktail lounge and an all-day, three-story dining hall.

As to Bain's current home at the Grace Building, ad-buying platform Trade Desk has taken the space Bain is vacating by getting an additional 126,000 square feet, according to the spokesperson for Brookfield, adding that the tower is still 100% leased. The Grace Building is owned by Brookfield Properties and The Swig Company in a partnership.

Here are the other four leases 22 Vanderbilt signed recently:

• Law firm Duane Morris, with more than 900 attorneys in offices across the United States and internationally, signed a lease for nearly 80,000 square feet. The tenant was represented by Bill Iacovelli and Conor Denihan at CBRE.
  
• Investment bank TD Securities signed a lease for approximately 80,000 square feet. The tenant was represented by Ryan Alexander, Matthew Saker and Nicole Marshall at CBRE.
  
• Alti Tiedemann Global, a global wealth and alternatives manager, signed a lease spanning about 40,000 square feet. The tenant was represented by Ryan Alexander, Matthew Saker and Nicole Marshall at CBRE.
  
• Kennedys, a global law firm with expertise in dispute resolution and advisory services, signed a lease for about 25,000 square feet. The tenant was represented by Gabe Marans, Perry Kaplan and Maxine Rosen at Savills.

Bain & Co. was represented in the 22 Vanderbilt lease by John Maher, Chris Corrinet and Paul Myers at CBRE. Milstein Properties was represented by Paul Amrich, Neil King, Jeffrey Fischer, Sacha Zarba and Meghan Allen at CBRE, as well as Duncan McCuaig, David Caperna and Paul Massey of Brookfield Properties.