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Prestigious Investment Management Firm is Latest to Secure Space at Hospitality-Infused Office Asset in Midtown East
March 10, 2020
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced that investment management firm Rubric Capital signed a 5,800-square-foot, seven-year lease on the 16th floor at 10 Grand Central. Rubric Capital secured the last of the Marx Realty’s upscale pre-built suites at 10 Grand Central as the firm begins to attract companies to fill 25,000 square feet of its uber-luxury Penthouse Collection being built out on the 32nd-36th floors. The announcement was made by Craig Deitelzweig, president and CEO of Marx Realty.
“We are thrilled to welcome Rubric Capital to 10 Grand Central,” said Deitelzweig. “This hedge fund joins a truly remarkable roster of tenants that includes well-known firms representing industries ranging from media and technology to financial and business service entities. The repositioning continues to draw high-profile tenants attracted to 10 Grand Central’s first-of-its-kind hospitality-infused aesthetic.”
Marx Realty has signed 184,000 square feet of new leases since announcing the building’s repositioning in mid-2018. Since the announcement, occupancy has increased from 78 percent to 95 percent. The $48 million repositioning of the 36-story Ely Jacques-Kahn designed 1930’s office tower included a redesigned four-story entry portal, marquee, lobby, lounge, outdoor terrace, and expansive conference space.
The new façade’s soaring marquee feature brass fins and oversized walnut doors, which are attended by uniformed doormen. The lobby’s walnut wood, brushed brass, and polished concrete accents evoke a luxury hotel vibe that continues throughout a suite of hospitality-styled amenities on the seventh floor. The lounge boasts oversized artwork and a café complete with built-in appliances as well as furnishings fashioned in “Grand Central Green,” in a nod to the building’s proximity to Grand Central Station. In addition, the lounge also includes a 40-seat conference facility and opens to the Ivy Terrace, an inviting outdoor space reminiscent of a 1930s era garden party.
Cynthia Wasserberger, Sam Seiler, David Kleiner, and Carlee Palmer are leading the team handling the leasing for Marx Realty. Rubric Capital was represented by Cushman & Wakefield. The asking rent for the space was $88 per square foot.
Rubric Capital joins tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the NYPost.com); UK-based sports private equity firm 23 Capital; asset management firm Everside Capital Partners; educational technology company Decoded; weekly news magazine The Week & Dennis Publishing, communications consultant Montieth & Company; investment firm Benenson Capital Partners; and advertising association powerhouse ANA.
Cushman & Wakefield Negotiates 5,800 SF Office Lease in Manhattan
March 10, 2020
NEW YORK CITY — Cushman & Wakefield has negotiated a 5,800-square-foot office lease for investment management firm Rubric Capital in Manhattan. The company will occupy a suite on the 16th floor of 10 Grand Central, a 36-story building that was completed in the 1930s, for the next seven years. Rubric is moving from its previous space at 767 Third Avenue in June. The building owner, Marx Realty, implemented a $48 million repositioning project in 2018, which updated the entry, marquee, lobby, outdoor terrace and conference space. The building is 95 percent leased to tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions. Cynthia Wasserberger, Sam Eiler, David Kleiner and Carlee Palmer represented Marx Realty in the lease negotiations. Alan Wilde of Cushman & Wakefield represented Rubric Capital.
Hedge Fund Snags Last Pre-built at 10 Grand Central
March 10, 2020
Investment management firm Rubric Capital signed a 5,800-square-foot, seven-year lease on the 16th floor at Marx Realty’s 10 Grand Central. Rubric Capital secured the last of the pre-built suites at 10 Grand Central, as ownership begins to attract companies to fill 25,000 square feet of its Penthouse Collection on the 32nd to 36th floors.
“This hedge fund joins a truly remarkable roster of tenants that includes well-known firms representing industries ranging from media and technology to financial and business service entities,” said Marx CEO Craig Deitelzweig. “The repositioning continues to draw high-profile tenants attracted to 10 Grand Central’s first-of-its-kind hospitality-infused aesthetic.”
Marx Realty has signed 184,000 square feet of new leases since announcing the building’s repositioning in mid-2018. Occupancy has increased from 78% to 95%.
JLL’s Cynthia Wasserberger, Sam Seiler, David Kleiner and Carlee Palmer are handling the leasing for Marx Realty. Rubric Capital was represented by Cushman & Wakefield.
BOMA celebrates its 2020 Pinnacle winnersThere were no losers at last night’s BOMA-NY Pinnacle Awards as the organization’s chairman Hani Salama paid tribute to all of the men and women who help make New York City’s skyline remarkable.
“It is a privilege to recognize the most distinguished and creative leaders and innovators shaping our city,” Salama told a record crowd of 960 during the gala event held at Chelsea Piers.
“The Pinnacle Awards emphasize the highest standards while propelling innovation and growth within New York’s commercial real estate industry. We are redefining office and residential space with dynamic new designs and technologies and I congratulate all of you on being nominated for this prestigious award.”
Hinting at the challenges ahead as the city moves to green the city under its New Green Deal that dramatically cuts carbon emissions from buildings, Salama said, “I am confident our local thought leaders will continue to deliver solutions and demonstrate excellence in the CRE industry.”
Silverstein Properties took home the Grand Pinnacle for its 120 Broadway, the 1.9 million s/f landmark where management recently completed a two-year, $50 million renovation designed by Beyer Blinder Belle.
The overhaul included the construction of The Bankers Club, a 20,000 s/f space on the 40th floor that includes an indoor lounge, cafe, food hall and outdoor roof deck for tenants.
The Grand Pinnacle is the highlight of the annual awards hosted by the Building Owners & Managers Association of Greater New York (BOMA) to celebrate the cityʼs best run office buildings and the people who operate them.
Management teams from properties throughout the city were recognized in 11 different categories for what is the New York round of the BOMA International TOBY (The Outstanding Building of the Year) competition.
Considered one of the most difficult industry recognitions to earn, winners qualify to compete at the Mid-Atlantic awards and then the BOMA International TOBY competition. The Grand Pinnacle is the winner with the highest overall score across all categories.
Earlier in the night, the Silverstein Properties team had collected the Historical Building of the Year award for 120 Broadway, beating out competition from SL Green’s 110 East 42nd Street.
But the REIT didn’t leave empty handed, collecting the Earth Award for 485 Lexington, the one-time TIAA-CREF headquarters SL Green has transformed into a future-ready masterpiece hailed as the perfect example of how to “successfully retrofit existing building systems to optimize building sustainability.”
Brookfield Properties won the New Construction award for 1 Manhattan West, and awards newcomer, Marx Realty, picked up the Renovated Building of the Year for its work on 10 Grand Central.
In the Operating Office Building category, SL Green won the 100,000 – 249,000 s/f for The SOHO Building; Brookfield won 500,000 – 1,000,000 s/f for 300 Vesey Street; and JLL won in two groups – 250,000 – 499,999 s/f for 475 Fifth Avenue and Over 1 Million s/f for 140 Broadway.
The Henry J. Muller Award that celebrates building vision went to Related Companies and Oxford Properties for Hudson Yards, hailed as an engineering marvel that created a new 28-acre neighborhood over an active rail yard on the west side of Manhattan.
Individual awards were also presented to managers and engineers considered at the top of their game by BOMA. They were
Outstanding Local Member of the Year: Julie Arce, JLL; Operating Engineer of the Year: Hector Eligio, The Durst Organization, One World Trade Center; Chief Operating Engineer of the Year: Ralph DiDomenico, SL Green Realty Corp.; Manager of the Year (3-10 Years of Experience): Adrian Sierra, Vornado Realty Trust; Manager of the Year (Over 10 Years of Experience): Daniela Perez, FMA, RPA, LEED, GA, Empire State Realty Trust.
Summing up the night’s celebration, master of ceremonies Tom Kroll said work was already underway to prepare New York’s buildings to meet the challenges of Pinnacle accreditation in 2021 and promised big changes in the gala format: “If Bernie Sanders wins the election, the gala will be free for everyone. If Mike Bloomberg wins, there will be no salt or soda on the tables,” he joked.
Marx Realty secures 25,000 s/f with Strike Tech., GTSManhattan, NY Marx Realty (MNPP) has signed a lease renewal and expansion with Strike Technologies, and its subsidiary Global Trading Systems (GTS), to a five-year, 25,000 s/f lease at 545 Madison Ave. The firm will occupy 14,000 s/f on the 15th and 16th floors and an additional 11,000 s/f on the 17th floor of the 18-story building in Midtown’s Plaza District. The asking rent was $95 per s/f.
“Immediately after taking possession of the building, we met with all the tenants and learned that Strike had a lease out at another building for one of its subsidiaries,” said Craig Deitelzweig, president and CEO of Marx Realty. “They were impressed with our hospitality-infused design plans for 545 Madison combined with our hands-on management approach and, as a result, decided to consolidate and expand in the building. 545 will become the premiere boutique office building in the Plaza District and we are delighted that Strike and GTS believe in our transformative vision for the building.”
Within a year of announcing the repositioning at 10 Grand Central, Marx Realty brought occupancy at that building from 78% to 93% as the first owner to truly embrace the hospitality aesthetic in office buildings. At 545 Madison, the firm plans to invest $20 million in renovations to reimagine the entry and lobby, add amenity spaces and create premiere pre-built office suites. Known for quickly repositioning and reimagining office buildings, Marx will begin work at 545 Madison in Q2 and will dramatically enhance the building’s profile and aesthetic.
The renovations, combined with Marx Realty’s hands-on management style, is designed to retain existing tenants and attract private equity, hedge fund, fashion, and technology firms. The building is occupied by tenants such as media giant Home Shopping Network, investment firm Permanens Capital and top-tier wealth management companies. 545 Madison was renovated in 2009 with major upgrades including a new glass curtain wall, a reconfiguration of the building’s architectural setbacks and a redesigned lobby as well as mechanical, technological, and eco-friendly upgrades.
Positioned at the intersection of capital markets and technology, GTS is an integrated trading and technology firm that combines market expertise developed in the exchange pits with industry-best software and network solutions. GTS’s electronic market making group, which accounts for over 3% of daily cash equities volume in the U.S., utilizes proprietary technology and sophisticated pricing models to offer investors some of the most efficient prices on securities and commodities. Through its fully integrated Strike Technologies division, GTS enables market participants to use its cutting-edge risk management.
Sweetgreen Added to Menu at 10 Grand CentralJanuary 31, 2020
Salad chain Sweetgreen signed a 3,500-square-foot lease for a new location at Marx Realty’s 10 Grand Central. The fast-casual favorite is slated to open in late summer 2020 and will front 44th Street.
Marx Realty was represented in-house by Henry Henderson, VP of leasing. Sweetgreen was represented by Jacqueline Klinger of The Shopping Center Group.
Sweetgreen is Latest to Join Diverse Roster of Dining Options at 10 Grand Central“We are happy to welcome this popular dining option to our already diverse dining menu at 10 Grand Central,” said Craig Deitelzweig, president and CEO of Marx Realty. “Sweetgreen joins foodie favorites like Little Collins, Mulberry & Vine, and Inday, and we are excited to bring another option for dining at 10 Grand Central. Sweetgreen and Little Collins will definitely elevate the dining experience for tenants at 10 Grand Central as well as for those in the Grand Central neighborhood.”
January 31, 2020
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced that health-conscious salad chain, Sweetgreen, has signed a 3,500-squre-foot lease for a new location at 10 Grand Central. The fast-casual favorite is slated to open in late summer 2020 and will front 44th Street. Tenants at 10 Grand Central will be able to place individual or catering orders directly through the use of the new Marx Connect app available in all Marx buildings.
Marx Realty was represented in-house by Henry Henderson, vice president of leasing. Sweetgreen was represented by Jacqueline Klinger of The Shopping Center Group.
“We are happy to welcome this popular dining option to our already diverse dining menu at 10 Grand Central,” said Craig Deitelzweig, President and CEO of Marx Realty. “Sweetgreen joins foodie favorites like Little Collins, Mulberry & Vine, and Inday and we are excited to bring another option for dining at 10 Grand Central. Sweetgreen and Little Collins will definitely elevate the dining experience for tenants at 10 Grand Central as well as for those in the Grand Central neighborhood.”
Sweetgreen was founded in 2007 as a destination for simple, seasonal, healthy food and currently operates 20 locations in New York City. The company’s mission focuses on inspiring healthier communities by connecting people to real food. On top of acknowledging their role as a critical link between growers and consumers, Sweetgreen takes especial care of their approach to design. As with all their locations, this new space at 10 Grand Central will preserve and honor the look and feel of the building and will include an open kitchen aesthetic that reflects their commitment to transparency.
The recent completion of a redesigned four-story entry portal, marquee, lobby, lounge, Ivy terrace, and 40-seat conference space was part of the $48 million repositioning of the 35-story Ely Jacques-Kahn designed office tower. In addition, the repositioning included a new façade with a soaring marquee featuring brass fins and oversized walnut doors, which are attended by a uniformed doorman. The walnut wood, brushed brass, and polished concrete accents from the lobby evoke a high-end hotel vibe that continues with a suite of hospitality-styled amenities.
The seventh floor indoor/outdoor café and lounge boasts a confluence of 7,500 square feet of hospitality-styled amenities including a well-appointed lounge with ample seating and a café, a conference facility with seating for 40 and The Ivy Terrace, an inviting outdoor space reminiscent of a 1930s era garden party. The latest addition to the building is a Penthouse Collection with some of the swankiest spaces in New York.
Sweetgreen’s new lease is the latest in a diverse list of new leases at Marx Realty’s 10 Grand Central. The new leases, expansions and extensions include content targeting company ZEFR; weekly online news magazine The Week; communications consultant Montieth & Company; real estate investment firm Benenson Capital Partners; and, Goldman Sachs-backed Crux Informatics. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the NYPost.com); insurance giant MassMutual, international news agency Agence France-Presse; UK-based sports private equity firm 23 Capital; asset management firm Everside Capital Partners; and, educational technology company Decoded.
The asking rent for the retail space was of $135 per square foot. The building’s office space asking rents range between $82 and $132 per square foot.
Marx Realty takes over leasing and management of 1.15 million s/f Cross County Shopping CenterFebruary 04, 2020 – Owners Developers & Managers
Yonkers, NY Marx Realty, an owner, developer and manager of office, retail and multifamily property across the U.S., will take over leasing and management for the 1.15 million s/f Cross County Shopping Center. The center is jointly owned by Marx Realty and Benenson Capital Management and was one of the first open-air shopping centers to open in the U.S.
“We are excited to combine the proven track record of retail success at Cross County with digitally native and interactive concepts while celebrating the center’s rich heritage,” said Craig Deitelzweig, president and CEO of Marx Realty. “We’ll build on the strategic mix of tenants, from daily needs retailers to dining options, regular events and office users to entice the most attractive tenants while keeping Cross County in the forefront as consumer tastes continue to evolve. Our goal is to elevate this town center experience for residents and visitors to shop, dine and play for years to come.”
As part of the transition, Marx Realty has hired Mark Utreras as senior director of leasing to lead leasing efforts. Utreras joins Marx from NKF, and will bring in up to 10 additional team members to maintain and build upon Cross County’s position among the premier shopping destinations in the nation.
Cross County Shopping Center is located at the intersection of Cross County Parkway and I-87 and is the largest outdoor shopping center in Westchester County. Easily accessible by thousands of shoppers from New York and Connecticut, it has attracted many of the top names in retail and dining and includes the first Shake Shack and Zara in the county as well as a growing Westchester Community College location. The center was once home to the most successful Sears store in the nation. Since the 200,000 s/f, four-story store closed in September 2019, Marx Realty has been in discussions with national, regional, and local operators and retail chains as well as entertainment destination providers to bring added excitement to the center. The stand-alone former Sears building lends itself well to subdivision and could house multiple retail or dining establishments.
This Week’s N.Y. Deal Sheet“We are reimagining the future of Cross County Shopping Center and look forward to further transforming the site and maximizing the mix of shopping, dining and entertainment options,” said Deitelzweig. “Our hands-on owner-manager role, combined with a seasoned site team that understands the customer base, puts us in the unique position to bring added vibrancy to the center. Retailers from across the country are attracted to the superb location and vibrant tenant mix, are expressing interest in moving their storefronts to Cross County. There’s tremendous energy around what Cross County has become and the potential for what it will be in the future.”
January 21, 2020 | Miriam Hall, Bisnow | New York
ASCENT 2020
TOP LEASES
Strike Technologies has expanded and renewed its lease at Marx Realty’s 545 Madison Ave., the landlord announced. Strike is a subsidiary of Global Trading Systems; the new deal is for five years. The firm is taking 14K SF on the 15th and 16th floors, and is adding another 11K SF space on the 17th floor of the 18-story building, which Marx took control of after foreclosing on Thor Equities last year. The asking rent in the deal was $95 per SF.
Strike Technologies Renews, Expands with 545 Madison’s New Ownership
January 22, 2020
Within weeks of taking control at 545 Madison Ave., formerly ground-leased by Thor Equities, Marx Realty signed a lease renewal and expansion with financial software developer Strike Technologies, and its electronic market making subsidiary Global Trading Systems. The 25,000-square-foot lease runs for five years.
“Immediately after taking possession of the building, we met with all the tenants and learned that Strike had a lease-out at another building for one of its subsidiaries,” said Craig Deitelzweig, Marx Realty’s president and CEO. “They were impressed with our hospitality-infused design plans for 545 Madison, combined with our hands-on management approach and, as a result, decided to consolidate and expand in the building.
Within a year of announcing the repositioning at 10 Grand Central, Marx Realty brought occupancy there from 78% to 93%. At 545 Madison, the firm plans to invest $20 million in renovations, starting in the second quarter.