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Marx Realty snatches up two LES office buildings for $48.5M
Marx Realty’s Craig Deitelzweig and 135 and 161 Bowery
The Real Deal New York
By Erin Hudson | September 04, 2018 08:30AM
Caspi Development and its partners sold two Bowery office buildings to national developer and landlord Marx Realty for a combined total of $48.5 million.
The properties are located one block away from one another at 135 and 161 Bowery on the Lower East Side and were owned by a joint venture including Caspi, RWN Real Estate Partners and Artemis Real Estate Partners. A fourth company, Ultimate Realty, had a stake in 161 Bowery.
The owners acquired 161 Bowery for $12.75 million in 2014 and 135 Bowery for $16.2 million one year later. The partners netted about $19.5 million by selling the office buildings to Marx Realty.
As The Real Deal reported in 2015, the lead developer’s principal Joshua Caspi aimed to transform the LES strip into an office market focused on tech tenants. The ownership teams of both 135 and 161 Bowery undertook gut renovations of the properties and signed leases with tenants including social media company Kik Interactive, Warner Music, trading technology firm Tradewind and visual effects company Lola.
Avison Young’s Tri-State Investment Sales Group, led by James Nelson, brokered the deal. Nelson said Joshua Caspi was the main point of contact on the owners’ side for both properties.
Nelson said the now that the partners completed their plans for the Bowery buildings, “they’re looking for notably heavy construction projects where they can get in, do a gut rehab, improve, sell and then move on.”
Caspi Development did not immediately respond to TRD’s request for comment. When reached by phone, Joshua Caspi said “That’s all correct except the sell part… I’m not a seller of anything usually… We rarely sell, however one of the partners is [on] a seven-year life span [cycle].”
He identified Artemis as the partner he was referring to but added that the ownership team “collectively saw it as a good price point to sell in the market.” Caspi noted that, with RNW, his company is continuing their “very specific conversion program for boutique office buildings” with new properties in Tribeca and Williamsburg.
The Bowery deal was put in motion when Nelson identified Marx as a potential buyer after the company sold a retail complex in Louisville, Kentucky and was looking for new property in order to complete a 1031 tax-free exchange.
Marx is a division of Merchants National Properties and has a commercial portfolio that spans 4.3 million square feet nationally. President Craig Deitelzweig said the deal represented “a perfect fit for our growth strategy” to increase the company’s footprint in New York and that Marx was looking for more properties to snap up along the Bowery and in LES more broadly.
“We just think it has great upside potential and the reason for that is there’s not that much supply of office properties in that market,” he explained. “People really want to be there.”
Since the deal went into contract, Deitelzweig said Marx has brought aboard one new tenant — Warner’s recently-acquired entertainment and pop culture website UPROXX — at a rent “in the $70s [per square foot]” range. He said the buildings’ current average hovers around the mid-$60s.
Deitelzweig said Marx plans to renovate both lobbies with the hope of raising rents in the office buildings by $10 per square foot. He said both properties are fully-leased.
The Bowery sale is the second multi-property deal for Avison Young’s nascent investment sales group with Nelson at the helm. The broker left Cushman & Wakefield in January to build the now six-month-old team in the Canadian company’s New York office. Nelson’s group’s first deal was the sale of three office condominiums at 420 Fifth Avenue for $54 million.
Luckey Climber coming to Yonkers’ Cross County Shopping Center
YONKERS – The Cross County Shopping Center will renovate its children’s play area and install a Luckey Climber.
On Tuesday the mall’s owners and city officials unveiled the design for the $350,000 makeover of the play area near the Chipotle restaurant.
Luckey Climbers are artfully designed climbing structures for children built by a New Haven-based company of the same name. The climbers have been installed in shopping centers and museums nationwide, including The Franklin Institute in Philadelphia and the Liberty Science Center in Jersey City.
“We’re always looking for new ways to make the center more dynamic, more vibrant for the residents of Yonkers and for all of Westchester County,” said Craig Deitelzweig, executive vice-president of Brooks Shopping Centers, which operates the mall. “Our true hope is that special memories will be made here that will last a lifetime.”
The 16-foot high climber looks like water lily pads stacked atop each other on arched metal posts that are surrounded by netting and covered by a canopy. Spencer Luckey attended the design unveiling and he said the concept behind his company’s climbers is to stimulate children’s and adults’ imaginations.
“Kids are much more sophisticated than we ever give them credit for and they really appreciate quality,” said Luckey, adding that his climbers are designed to be visually pleasing. “If it has some sort of aesthetic shortcomings it becomes almost a liability for a place like a mall or a public institution, they can’t just put anything in their town square.”
Access to the mall’s play area has been restricted and the old equipment has been removed. Mall officials said construction is expected to begin in a few weeks and the renovation is expected to be completed by late fall.
The renovation is the latest change at the mall. Earlier this summer the young-adult apparel retailer Hollister opened a new store there.
Restoring A 1930s Classic Meant Blending Past With Future
Forbes – July 30, 2018
By: Jeffrey Steele
When setting out to both preserve an 87-year-old Manhattan office building and also reimagine the structure for cutting-edge 21st Century tenants, it’s a safe bet daunting hurdles will be encountered. Unveiling something akin to a whole new concept in office buildings proved a challenge that required innovative vision on the part of Marx Realty, the company responsible for the reinvention of the Grand Central submarket trophy tower.
“We were seeking to create a completely new offering that does not yet exist in the marketplace,” says Craig Deitelzweig, president and CEO of Marx Realty. “Rather than being another building with an all-white marble-clad lobby that has been so common over the last few decades, we knew that 10 Grand Central should be warm, inviting and more reminiscent of a hotel in its character. Similarly, we wanted to embrace the building’s 1930s Ely Jacques Kahn heritage and yet be very modern. Balancing these contrasting objectives took a great amount of thoughtfulness in the design and lots of refining of the final product.”
The focus of all this attention is 10 Grand Central, 155 East 44th Street in Manhattan. Opened in 1931, the 35-story tower was designed by acclaimed architect Ely Jacque Kahn, best known for Bergdorf Goodman’s Fifth Avenue department store and the Seagram Building, on which Kahn collaborated with Ludwig Mies van der Rohe and Philip Johnson.
Marx Realty obtained archival photographs of the building from the 1930s, Deitelzweig says.
“We adapted a modern version of the original materials, and visited some of the finest hotels and private clubs to create the right hospitality feel. We also worked closely with and pushed our architects, who were fantastic — even though they probably were a bit tired of me saying ‘it has to be more special’ — to achieve a result that is truly transformational and memorable.”
The $45 million repositioning of the Beaux Arts-design building emphasizes dramatic design revisions, among them a resituated and recrafted entry portal soaring four stories in height. Also part of the redesign is a freshly delineated lobby, sumptuous lounge, well-appointed and landscaped open-air terrace and an expansive conference space. Pre-constructed suites offer upscale finishes and features previously unseen in this market.
“Warm walnut wood, concrete, brushed brass and velvet are used throughout the building’s full redesign,” Deitelzweig notes, adding the inspiration behind the redesign came from exclusive hotels and private clubs. “These elegant enhancements will return this classic, yet modern, tower to its rightful place among the elite Grand Central buildings.”
Lavish lobby
Studio Architecture, the firm Marx Realty chose to handle the redesign, repositioned the building entrance to 44th Street to deliver a decidedly Grand Central Terminal orientation.
The doorman-attended four-story entryway, combining a fascinating mixed-medium of gloss-block brick, brass and walnut, will open onto a meticulously-crafted new lobby noteworthy for its clean lines and up-to-date details, along with brushed brass and walnut accents. In keeping with the updating of a nearly nine-decade-old structure, the softly-lit setting is at once classic and contemporary, encircling a jewel box reception desk.
“This architecturally important tower has terrific bones and the infrastructure allows for the implementation of Marx Realty’s vision to create an upscale, exclusive vibe and undoubtedly unlock the value of this location,” says Studios Architecture Principal David Burns. “At the start of this project, few developers were showing the foresight to bring this kind of boutique hospitality feel to an office property. The grand entrance that transports visitors and tenants to an intimate lobby space is a perfect example of a forward-thinking developer anticipating the design elements that will have the greatest impact for tomorrow’s office users.”
Jeffrey Steele
Forbes Contributing Real Estate Writer
Upgrades for 10 Grand Central Spur Leasing Activity
Connect Media New York – July 30, 2018
By: Paul Bubny
Shortly after Marx Realty unveiled plans to reposition the 10 Grand Central office tower at 155 E. 44th St., the initiative has paid off in leasing activity. Benenson Capital Partners has extended its 15,000-square-foot lease, while White Oak Equity Partners is preparing to move into a 2,500-square-foot pre-built.
Additional new leases, expansions and extensions were signed with law firm Marks O’Neill; nonprofits TRNC, World Federalist Movement and CGB New York; financial consultancy PMC Treasury; and hedge fund research provider Global Source Partners. In all, Marx has inked 37,000 square feet of deals recently.
“These firms understand the value of investing in quality, high-end spaces and communal amenities,” said Marx CEO Craig Deitelzweig. “The location in the Grand Central submarket of Midtown is also a very attractive proposition for firms seeking a ‘prestige’ address to distinguish them from the pack.”
JLL’s Howard Hersch and Clark Finney are handling the leasing effort.
37,000 SF of Leases Signed at 10 Grand Central in Strong Response to Redevelopment and Hospitality-like Amenities
By: CityBizList – July 26, 2018
Real Estate Investment Firm Extends to 10-year term with 15,000 Square Feet; Private Equity Firm Moves into New Digs on 21st Floor; Law Firm Expands to Full 25th Floor
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced 37,000 square feet of new and extended leases at 10 Grand Central, located at 155 E. 44th St. in the Grand Central submarket. Topping the list of tenants is Benenson Capital Partners which extended its 15,000-square-foot lease with a 10-year term while White Oak Equity Partners is targeting early August to move into 2,500 square feet of pre-built office space at the 35-story building. The announcement was made by Craig Deitelzweig, CEO of Marx Realty.
“These firms understand the value of investing in quality, high-end spaces and communal amenities,” said Deitelzweig. “The location in the Grand Central submarket of Midtown is also a very attractive proposition for firms seeking a ‘prestige’ address to distinguish them from the pack.” Deitelzweig also points to the abundant natural light in the office suites throughout the building and private terraces on select suites as key differentiators at 10 Grand Central.
The terrace amenity at 10 Grand Central connects with the tenant lounge to create an indoor/outdoor experience where tenants can unwind, socialize and collaborate.
Marx Realty recently announced plans to invest $45 million in repositioning this asset to include a hospitality-style aesthetic and an intimate, boutique feel. Updates will include renovating and relocating the entryway and lobby and adding a seventh-floor lounge with a variety of seating configurations and a modern café space. The 5,000-square-foot lounge will connect to a 2,500-square-foot terrace — part of a suite of amenities available to tenants at 10 Grand Central — which will be outfitted with accents that harken back to the 1930s, when the building was originally constructed. A NanaWall system of windows will connect the terrace and the lounge to open the space as an indoor/outdoor experience. A 36-seat conference facility will also be added on the seventh floor.
“Current and prospective tenants are extremely enthusiastic about the updates and the terrific location,” said Deitelzweig. “The boutique aesthetic and the benefits of the on-site amenities have been incredibly well-received.” This building will be attended by a uniformed doorman at the entry, which is totally unique to office buildings and really punctuates the hospitality-like vibe, he adds.
A JLL team led by Howard Hersch and Clark Finney is handling the leasing effort.
This flurry of leasing activity comes as renovations kicked off in April with rents at, or near, the building’s asking rents of $78 per square foot in the high-rise tower suites, $75 per square foot in the mid-rise portion of the tower and $68 per square foot in the base. Additional new leases, expansions and extensions were signed with Marks O’Neill (law firm); TRNC (non-profit); PMC Treasury (financial consultancy); World Federalist Movement (non-profit); CGB New York (non-profit); and Global Source Partners (hedge fund research provider).
About Marx Realty
Marx Realty is a division of Merchants National Properties (MNP). Founded in 1915, its current portfolio of properties includes over 4.3 million square feet of commercial office, retail and residential space as well as five mixed-use projects currently under development. Together, MNP and Marx Realty are vertically integrated and involved in all phases of real estate management, development, and leasing. The company’s assets comprise 67 properties in 17 states across the continental United States.
What’s Old Is New: Renovations Coming To 10 Grand Central
Location and new amenities are cited as reasons why tenants recently leased and expanded at the Marx Realty Midtown property.
NEW YORK CITY—Benenson Capital Partners just extended its 15,000 square-foot lease with a 10-year term, occupying the 27th through 29th floors at 10 Grand Central. In addition, in August, White Oak Equity Partners is moving into 2,500 square feet of pre-built office space on the 21st floor, in the 35-story Midtown tower. Property owner, developer and manager Marx Realty recently leased office space totaling 37,000 square feet in the building located at 155 E. 44th St.
The building’s asking rents are $78 per square foot in the high-rise tower suites, $75 per square foot in the mid-rise portion of the tower and $68 per square foot in the base.
Since April other new leases, extensions and expansions were signed with law firm Marks O’Neill; non-profit TRNC; financial consultancy PMC Treasury; non-profit World Federalist Movement; non-profit CGB New York; and hedge fund research provider, Global Source Partners.
Marx Realty is investing $45 million in upgrades. The renovations will include relocating the entryway with a lobby, and on the seventh floor adding a 5,000 square-foot lounge with a 2,500 square-foot, landscaped terrace, cafe and conference facility. The building was originally designed by Ely Jacques Kahn and constructed in 1931. Kahn also designed Bergdorf Goodman’s Fifth Avenue department store and worked with Ludwig Mies van der Rohe and Philip Johnson on the Seagram Building.
10 Grand Central, terrace/ architectural rendering
The upgrades are inspired by the world’s finest hotels and private clubs, applying a modern twist to the building’s original Beaux Arts design aesthetic, according to Marx Realty president and CEO Craig Deitelzweig. “Warm walnut wood, concrete, brushed brass and velvet are used throughout the building’s full redesign. These elegant enhancements will return this classic, yet moderm tower to its rightful place among the elite Grand Central buildings,” he says.
David Burns, principal of Studios Architecture, is handling the redesign. It will also include a relocated four-story entryway with brushed brass fins, oversized black brickwork and walnut wood doors with a glass surround. The building address, which has been rebranded from 708 Third Ave. to 10 Grand Central, will be displayed with brushed brass lettering. The entry will be staffed by a uniformed doorman, adding to the full-service hospitality ambience.
Deitelzweig states the opulent finishes and contemporary feel will respect the history of the building while modernizing aesthetics, also accommodating today’s practical requirements.
“Current and prospective tenants are extremely enthusiastic about the updates and the terrific location,” he says. “The boutique aesthetic and the benefits of the on-site amenities have been incredibly well-received.”
A JLL team led by Howard Hersch and Clark Finney is representing Marx Realty in the leasing transactions.
Benenson Capital Renews Offices at Rebranded 10 Grand Central
COMMERCIAL OBSERVER
BY: REY MASHAYEKHI – JULY 26, 2018 6:15 PM
Real estate investment firm Benenson Capital Partners is staying put at the newly rebranded 10 Grand Central after agreeing to renew its lease on 15,000 square feet at the Midtown East office tower, Commercial Observer has learned.
Benenson signed a 10-year deal to keep its offices on the 27th through 29th floors of the 35-story, roughly 420,000-square-foot building at the northwest corner of East 44th Street and Third Avenue, according to landlord Marx Realty. Family-led Benenson, which owns and operates a commercial real estate portfolio of more than 150 properties across the country, has occupied the building for more than 30 years.
Asking rent in the deal was $78 per square foot, according to sources with knowledge of the deal. Howard Hersch and Clark Finney of JLL handle leasing at 10 Grand Central on behalf of Marx, while Benenson had no outside broker representation.
Marx recently rebranded the 1931 building—ditching its former moniker of 708 Third Avenue—and announced a $45 million capital improvement plan to upgrade the property. The work will permanently close the office tower’s main Third Avenue lobby entrance, renovate and enhance its existing secondary entrance at 155 East 44th Street and create a new 5,000-square-foot tenant lounge on the seventh floor featuring a 36-seat conference facility and a connected, 2,500-square-foot outdoor terrace.
“Current and prospective tenants are extremely enthusiastic about the updates and the terrific location,” Craig Deitelzweig, Marx’s president and CEO, said in a statement. He added that the renovations at 10 Grand Central seek to instill a “boutique aesthetic” and “hospitality-like vibe” at the building, which will feature uniformed doormen attending to the entrance.
In explaining Marx’s decision to rebrand the property, Deitelzweig told The New York Post earlier this month that the company “[didn’t] want to be associated with Third Avenue.”
“A lot of [Third Avenue’s office] buildings are commodity buildings. We don’t want to be like that,” he said, adding, “We want to be a Grand Central building.”
Other tenants at the building include the Association of National Advertisers, horse racing publication Daily Racing Form and the Permanent Mission of Lithuania to the United Nations.
Representatives for JLL did not immediately provide comment.
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, unveiled 10 Grand Central, its hospitality-infused reimagining of the historic Ely Jacque Kahn-designed building in Midtown’s Grand Central submarket. The 35-story building, located at 155 East 44th Street, has been renamed and is undergoing a comprehensive $45 million repositioning focused on impactful design updates, including a relocated and redesigned four-story entry portal, a new lobby reminiscent of members-only hospitality spaces, a well-appointed lounge, a furnished and landscaped outdoor terrace and an oversized conference facility as well as pre-built suites with high-end features and finishes at a level not yet seen in the market. The announcement was made by Craig Deitelzweig, president and CEO of Marx Realty.
“10 Grand Central brings a range of thoughtfully designed spaces that are inspired by the world’s finest hotels and private clubs, applying a modern twist to the building’s original Beaux Arts design aesthetic,” said Deitelzweig. “Warm walnut wood, concrete, brushed brass and velvet are used throughout the building’s full re-design. These elegant enhancements will return this classic, yet modern, tower to its rightful place among the elite Grand Central buildings.”
David Burns, principal of Studios Architecture is behind the dramatic redesign. Located on East 44th Street, just steps away from Grand Central, the office tower was originally designed in 1931 by Ely Jacques Kahn, who also designed Bergdorf Goodman’s department store on Fifth Avenue and collaborated with Ludwig Mies van der Rohe and Philip Johnson on the Seagram Building.
“It’s a terrific location by any measure. By relocating and redesigning the entryway and reimagining the lobby space with modern, yet opulent finishes that speak to a contemporary private club vibe, we’re respecting the history of the building, modernizing its aesthetic, creating spaces that foster collaboration for tenants and their employees, while paying homage to famed architect Ely Jacque Kahn’s original masterpiece.”
The entrance to 10 Grand Central will be located on 44th Street, creating a property that is definitively oriented toward Grand Central Terminal. The new entryway will rise four stories with soaring brushed brass fins, oversized gloss black brickwork and sophisticated walnut wood doors with a glass surround. The building address will be executed in demure brushed brass lettering which, when combined with the grandeur of the entryway, creates a strong strategic presence. Unlike a typical office building, the entry at 10 Grand Central will be attended by a doorman.
The redesigned lobby will feature sleek lines and contemporary concrete details complemented by brushed brass and walnut accents. A jewel box reception desk and soft lighting will round out the aesthetic to create an ambiance that combines classic and contemporary design motifs in the spirit of a full-service hospitality-like design. The aesthetic of the lobby at 10 Grand Central will create a warm sensory experience, added Deitelzweig.
“10 Grand Central will be unlike anything currently available in the midtown office market,” said Deitelzweig. “We did not want this important space to be another typical all-white marble office lobby that could be in any building, in any city. We are embracing the architectural heritage of this significant building by offering truly unique and inviting spaces to our tenants.”
Manhattan, NY According to Craig Deitelzweig, president and CEO of Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, unveiled 10 Grand Central, its hospitality-infused reimagining of the Ely Jacque Kahn-designed building in Midtown’s Grand Central submarket. The 35-story building, located at 155 East 44th St., has been renamed and is undergoing a comprehensive $45 million repositioning focused on design updates, including a relocated and redesigned four-story entry portal, a new lobby reminiscent of members-only hospitality spaces, a lounge, a furnished and landscaped outdoor terrace and an oversized conference facility as well as pre-built suites. The general contractor is Phase 3.
“10 Grand Central brings a range of thoughtfully designed spaces that are inspired by the world’s finest hotels and private clubs, applying a modern twist to the building’s original Beaux Arts design aesthetic,” said Deitelzweig. “Warm walnut wood, concrete, brushed brass and velvet are used throughout the building’s full re-design. These enhancements will return this classic, yet modern, tower to its rightful place among the elite Grand Central buildings.”
David Burns, principal of Studios Architecture is behind the redesign. Located on East 44th St., close to Grand Central, the office tower was originally designed in 1931 by Ely Jacques Kahn, who also designed Bergdorf Goodman’s department store on Fifth Ave. and collaborated with Ludwig Mies van der Rohe and Philip Johnson on the Seagram Building.
The entrance to 10 Grand Central will be located on 44th St., creating a property that is definitively oriented toward Grand Central Terminal. The new entryway will rise four stories with soaring brushed brass fins, oversized gloss black brickwork and sophisticated walnut wood doors with a glass surround. The building address will be executed in demure brushed brass lettering which, when combined with the grandeur of the entryway, creates a strong strategic presence. Unlike a typical office building, the entry at 10 Grand Central will be attended by a doorman.
The redesigned lobby will feature sleek lines and contemporary concrete details complemented by brushed brass and walnut accents. A jewel box reception desk and soft lighting will round out the aesthetic to create an ambiance that combines classic and contemporary design motifs in the spirit of a full-service hospitality-like design.
The aesthetic of the lobby at 10 Grand Central will create a warm sensory experience, added Deitelzweig.
“10 Grand Central will be unlike anything currently available in the midtown office market,” said Deitelzweig. “We did not want this important space to be another typical all-white marble office lobby that could be in any building, in any city. We are embracing the architectural heritage of this significant building by offering truly unique and inviting spaces to our tenants.”
As amenities play an increasingly important role in attracting and retaining office tenants, the confluence of a conference space – including seating for 36 – with a well-appointed and elegant lounge connected to an outdoor terrace represents a high-value proposition for current and prospective tenants. The lounge design will echo the lobby ambiance with brushed brash accents and a concrete floor fashioned in a sophisticated herringbone pattern. A concrete-topped island with bar-style seating will be among many striking focal points in the lounge, which will also feature a café and a variety of seating options to encourage tenants and their guests to mix and mingle.
“An oversized and well-appointed conference space is one of the most sought-after amenities in office design,” said Deitelzweig. “By connecting the conference space with a large outdoor terrace, we’ll offer tenants the opportunity to bring the outdoors in for corporate meetings, special events, client entertaining and day-to-day use.”
The repositioning has already resulted in a significant lease renewal agreement at a blended rate with a tenant who sees the value in having office spaces space that combines form and function for a total package of exclusive business appeal. A JLL team led by Howard Hersch and Clark Finney is handling the leasing effort.
The building’s exterior features timeless Beaux Art appeal with several set-backs that flood each space with natural light. Marx Realty is creating 10 upscale pre-built office suites ranging in size from 2,500 to 8,000 square feet as well as a 22,000-square-foot full-floor space which the firm will build out to tenant specifications. Each new suite will exude an air of sophistication, from the polished concrete floors to the café with its expansive island, multiple seating options, glass backsplashes, brushed brass cabinet and drawer pulls and beverage walls with built-in cappuccino machines. Black steel and glass-framed conference rooms punctuate a contemporary aesthetic in these new office spaces. Many of the new suites will also provide access to a private terrace.
“This architecturally important tower has terrific bones and the infrastructure allows for the implementation of Marx Realty’s vision to create an upscale, exclusive vibe and undoubtedly unlock the value of this location,” said David Burns, principal of Studios Architecture. “At the start of this project, few developers were showing the foresight to bring this kind of boutique hospitality feel to an office property. The grand entrance that transports visitors and tenants to an intimate lobby space is a perfect example of a forward-thinking developer anticipating the design elements that will have the greatest impact for tomorrow’s office users.”
The repositioning of 10 Grand Central represents one element of a hands-on, programmatic approach to asset management that brings added value to the firm’s portfolio nationwide.
“It’s a terrific location by any measure. By relocating and redesigning the entryway and reimagining the lobby space with modern, yet opulent finishes that speak to a contemporary private club vibe, we’re respecting the history of the building, modernizing its aesthetic, creating spaces that foster collaboration for tenants and their employees, while paying homage to famed architect Ely Jacque Kahn’s original masterpiece.”
Marx Realty has unveiled the renamed and soon to be repositioned 10 Grand Central at 155 E. 44th St. It’s a reimagining of a 35-story office tower originally designed by Ely Jacque Kahn in 1931.
“10 Grand Central will be unlike anything currently available in the Midtown office market,” said Craig Deitelzweig, president and CEO of Marx Realty. “We did not want this important space to be another typical all-white marble office lobby that could be in any building, in any city. We are embracing the architectural heritage of this significant building by offering truly unique and inviting spaces to our tenants.”
Already, according to Marx, the repositioning has resulted in a significant lease renewal at a blended rate with a tenant that sees the value in having office space that combines form and function. A JLL team led by Howard Hersch and Clark Finney is handling the leasing effort.
