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Real estate advisory firm Green Street doubles down on Midtown East tower
10 Grand Central
An influential firm that tells real estate investors where they should put their money has elected to spend more of its own at a prewar tower in Midtown East.
Green Street Advisors has agreed to lease more space at 10 Grand Central, a 450,000 square-foot Art Deco tower. The research and consulting firm’s work is widely read by institutional investors who value its straight talk about who’s up and who’s down in the commercial real estate sector. The advisory firm is moving from 5,000 square feet on the second floor to 12,000 on the thirteenth and paying “very close” to the asking rent of $88 per square foot, according to building owner Marx Realty.
10 Grand Central was developed in 1931, and the 36-story tower was known as 708 Third Ave. until Marx repositioned it. The lobby entrance was moved to East 44th Street and is scented with Baccarat perfume. The Art Deco building also offers ample outdoor terrace spaces upstairs.
“As experts in commercial real estate, it’s no surprise that the Green Street team recognizes the value of a workplace that inspires creativity and stimulates collaboration,” Marx CEO Craig Deitelzweig said.
California-based Green Street was co-founded by a University of Chicago graduate who deemed the analysis published by Wall Street investment banks unintelligent and conflicted. The firm just celebrated its 40th birthday.
“Whether it’s forecasting, tracking deals, or providing clarity on valuations, our clients rely on us to know what’s coming next,” CEO Jeff Stuek said in a statement.