9/27/19

First-of-its-Kind Hospitality-Infused Repositioning Continues to Attract Tenants in Flight to Quality

Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced that data operations and delivery firm Crux Informatics has signed a full-floor, 18,000-square-foot, seven-year lease on the 18th floor at 10 Grand Central. The company is relocating from the Seagram Building at 375 Park Ave. Marx Realty is solidifying its reputation for creating this confluence of hotel with office as it negotiates with additional tenants from 375 Park Ave. looking to relocate to 10 Grand Central.

Marx Realty has signed 178,000 square feet of new leases since the announcement of the building’s repositioning less than a year ago. During that time, occupancy has increased from 78 percent to 92 percent.

“We’ve created a new asset class encompassing both a game-changing hospitality-infused office product and our track record of innovative building management. Both are a big selling point for tenants underwhelmed with the level of services and finishes offered by other New York landlords,” said Craig Deitelzweig, president and CEO of Marx Realty. “It’s no longer secret that best-in-class service, beautifully designed office space and thoughtful amenities attract top-tier tenants. It’s incredibly rewarding to hear the positive broker and tenant feedback and see the results of our thoughtful and deliberate strategy to transform this 1930s-era gem into a contemporary destination for today’s office tenants.

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 on the seventh floor. The 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 seating 40 and The Ivy Terrace, an inviting outdoor space reminiscent of a 1930s era garden party.

The redesign was led by David Burns, principal of Studios Architecture. JLL’s Howard Hersch, Sam Seiler, Brett Harvey and Cynthia Wasserberger are leading a team handling the leasing for Marx Realty. Crux Infomatics The building’s asking rents range between $82 and $130 per square foot.

Crux Informatics is the Goldman Sachs-backed provider of data onboarding services that allows customers to focus on driving productivity and achieving business objectives.

High-profile tenants at 10 Grand Central 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. They join investment firm Benenson Capital Partners; Dennis Publishing’s The Week; and advertising association powerhouse ANA.

About Marx Realty

Marx Realty is a division of Merchants National Properties (MNPP). Founded in 1915, its current portfolio of properties includes over 5 million square feet of commercial office, retail and residential space as well as five mixed-use projects currently under development. Marx Realty is vertically integrated and involved in all phases of real estate management, development, construction and leasing. The company’s assets comprise 67 properties in 17 states.

View the Full Article