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By Mariah Brown
NEW YORK CITY – New York-based real estate investment management firm Marx Realty has launched Marx Connect, a mobile application it is rolling out to all of its buildings that allow tenants access to respective properties by scanning via Bluetooth. This new offering comes to prevent the touching of building hardware as landlords look for ways to curb the spread of the coronavirus to their properties, Craig Deitelzweig at Marx, tells GlobeSt.com.
“We continue to ramp up the cleaning and disinfecting of our common spaces, and we are looking at ways to decrease the customer’s need to touch regularly used building materials,” Deitelzweig said. “For example, we have long had a doorman at our buildings, this allows the tenants and guests to avoid touching door hardware.”
As current events unfold with the coronavirus pandemic, understandably, there is a lot of uncertainty and lack of visibility in the market right now that has led to knee-jerk reactions, Deitelzweig said. “It is important to not panic and calmly navigate the next few months, which will be bumpy in the short term.”’
About the $2 trillion stimulus package Congress has passed, Marx is hopeful that the unprecedented stimulus, together with the Federal government’s liquidity infusion, will result in a strong fourth-quarter gross domestic product, which will serve as a harbinger of a solid recovery in 2021, Deitelzweig said.
Investment manager takes pre-built space at 10GC
Marx Realty (MNPP) announced that investment management firm Rubric Capital signed a 5,800 s/f, 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 25,000s/f of its Penthouse Collection being built out on the 32nd-36th floors.
“We are thrilled to welcome Rubric Capital to 10 Grand Central,” said Craig Deitelzweig, president and CEO of Marx Realty.
“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 s/f of new leases since announcing the building’s repositioning in mid-2018. Since the announcement, occupancy has increased from 78 percent to 95 percent.
Earlier this year, the company picked up the Renovated Building of the Year from the Building Owners & Managers Association for its work on 10 Grand Central.
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.
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 psf.
Rubric Capital joins tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions; 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.
As Stores Close, Landlords And Retailers Consider How Best To Stop The BleedingRetailers across New York City are closing, and amid the uncertainty and the layoffs, landlords are now faced with the choice of cutting their tenants loose, forgiving the rent or putting their faith in the government and insurance to pay them back down the road.
Restaurants and bars in New York City can now only serve takeout, while gyms, movie theaters and casinos have all been ordered to close. Thursday, Gov. Andrew Cuomo announced a new rule that requires companies to only allow 25% of their staff in the office, with some exceptions for businesses he has deemed essential.
Stores, though not legally forced to shut their doors, have been closing across the city — putting both landlords and retailers in a precarious position. Both are hoping that insurance companies will pay out or the government will step in with some sort of relief in order to blunt the economic pain.
“We are listening and tell them we are in it with them,” said Marx Realty CEO Craig Deitelzweig, whose company owns about 200K SF of retail space in the city. A few tenants have reached out, he said, but it is too early to say what course of action the company will take.
The retail market was already deeply strained in New York City, with widespread vacancies and multiple bankruptcies forcing closures. Retailers and landlords had been banking on a brighter 2020, with rents starting to come down and experiential and digital-native brands entering the market.
But the impact of the pandemic has been as brutal as it has been swift. Major national retailers like Macy’s, Nordstrom, Bloomingdale’s and Saks Fifth Avenue have all announced they will temporarily close.
Tuesday, Related closed its 1M SF mall at Hudson Yards, which opened a little over a year ago. Downtown’s Westfield World Trade Center — connected to a large public transit terminal — is still open, though its website notes most of its stores are temporarily closed. Brookfield Place, connected to Westfield via underground walkway, is still open, but with reduced hours.
Most of the stores at Staten Island’s Empire Outlets are now closed, and a spokesperson told Bisnow the new shopping center is “now evaluating how this new measure impacts our outdoor spaces.”
Marx’s Realty 10 Grand Central Nears Full-Building OccupancyNew York-based real estate investment management firm Marx Realty has signed 184,000 square feet of new leases at 10 Grand Central since the announcement of the 36-story building’s $48 million repositioning in mid-2018.
By Mariah Brown
Marx Realty’s 10 Grand Central.
NEW YORK CITY-New York-based real estate investment management firm Marx Realty has signed 184,000 square feet of new leases at 10 Grand Central since the announcement of the 36-story building’s $48 million repositioning in mid-2018. Since then, occupancy has increased from 78 percent to 95 percent.
The Ely Jacques-Kahn designed 1930’s office tower features a redesigned four-story entry portal, marquee, lobby, lounge, outdoor terrace and large conference space. Current tenants at the property include Dwayne “The Rock” Johnson’s production company Seven Bucks Productions, 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.
Just recently Craig Deitelzweig, president and CEO of Marx Realty, announced investment management firm Rubric Capital signed a 5,800-square-foot, seven-year lease on the 16th floor at 10 Grand Central, securing the last of the Marx Realty’s upscale pre-built suites at the property. Cushman & Wakefield representedRubric Capital for its new rental space, which has an asking rent of $88 per square foot.
“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.”
With this leasing milestone, Marx Realty is beginning to attract companies to fill 25,000 square feet of its uber-luxury Penthouse Collection under development on the 32nd-36th floors.
The new façade of 10 Grand Central features its soaring marquee with brass fins and oversized walnut doors, which are attended by uniformed doormen. The lobby has walnut wood, brushed brass, and polished concrete accents reminiscent of a hotel that continues throughout a suite of hospitality-styled amenities on the seventh floor. The lounge boasts oversized artwork and a café 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.
Amazon buying building, Manolo Blahnik taking new flagship space — and more in this week’s office and retail news
March 13, 2020
Amazon’s reported $1.15 billion purchase of the former Lord & Taylor building from WeWork might be the headline deal of the week, but it was far from the only transaction in New York City.
Here’s a look at who grabbed new office and retail space around New York City over the past few days:
(…)
New offices for investment management firm
Rubric Capital Management LP signed a lease for the 16th floor at 10 Grand Central.
The seven-year lease is for 5,800 square feet at 155 E. 44th St. and is the last of the pre-built suites at the property.
Marx Realty is the building’s owner. The company has signed 184,000 square feet of new leases since mid-2018, when it announced the building’s $48 million renovation. Occupancy is up to 95 percent, Marx Realty said in a press release.
Cynthia Wasserberger, Sam Seiler, David Kleiner and Carlee Palmer of JLL are handling the leasing for Marx Realty. Rubric Capital was represented in the lease deal by Cushman & Wakefield. The asking rent was $88 per square foot.
Hedge Fund Moves Down The Block to 10 Grand CentralBy Rebecca Baird-Remba
March 13th, 2020
Hedge fund Rubric Capital is heading to 10 Grand Central in Midtown East, landlord Marx Realty announced this week.
The financial manager inked a seven-year deal for 5,800 square feet on the 16th floor of the 36-story building at East 44th Street and Third Avenue. Asking rent for the space was $88 a square foot.
Rubric Capital is moving from its current space up the block at 767 Third Avenue, on the corner of East 48th Street.
JLL’s Cynthia Wasserberger, Sam Seiler, David Kleiner, and Carlee Palmer represented the landlord in the transaction, while Rubric Capital was represented by Cushman & Wakefield.
“We are thrilled to welcome Rubric Capital to 10 Grand Central,” said Marx CEO Craig Deitelzweig in prepared remarks. “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.”
Marx recently finished revamping the Ely Jacques Kahn-designed property with a hotel-inspired tenant lounge, a new lobby and a new entrance. Several tenants have signed leases in the building over the last year, including ad tech firm ZEFR, data engineering company Crux Informatics and insurer MassMutual.
Rubric Capital Signs 5,800 SF Lease at Marx Realty’s 10 Grand CentralPrestigious 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.