Media Company, The Week Magazine, Chooses Midtown East
The British publication, The Week magazine, along with a communications consulting firm signed leases with Marx Realty in the Midtown Grand Central submarket at 155 E. 44th St.
NEW YORK CITY—New York-based Marx Realty has inked two deals totaling 14,200 square feet at 155 E. 44th St. The US edition of the UK-based weekly magazine The Week signed a 10-year lease for the entire 12,000 square feet on the 22nd floor. Their relocation is scheduled for May 2019. The communications consultancy, Montieth & Company, recently moved into a 2,200 square-foot, pre-built space, after signing their five-year agreement.
The building’s asking rents are $92 per square foot in the high-rise tower, $78 per square foot in the mid-rise portion of the tower and $72 per square foot at the base.
Marx Realty is completing a $45 million renovation of the 1930s Ely Jacques Kahn-designed office tower, recently rebranded as 10 Grand Central. It included relocating the entrance from Third Avenue to 44th Street, redesigning the lobby and creating amenities such as a lounge, cafe, terrace and conference room. David Burns, principal of Studios Architecture, is handling the redesign that pays special attention to the intent of the architect’s original design.The repositioning will also involve 10 pre-built office suites ranging from 2,500 to 8,000 square feet and a 22,000 square-foot, full-floor office space that Marx Realty is building out to tenant specifications. Other architectural touches include contemporary sliding barn doors and select offices having private terraces.
“The unique amenity offering, combined with a location proximate to the iconic Grand Central Terminal continues to attract the type of media, technology and financial services tenants that would otherwise land in Midtown South,” says Craig Deitelzweig, president and CEO of Marx Realty. “But these firms find that 10 Grand Central meets their aesthetic and space layout needs while benefiting from the built-in conveniences of the Grand Central neighborhood.”
The Week is moving from its current offices at 55 W. 39th St. between Fifth and Sixth avenues to its new location on 44th Street, between Lexington and Third avenues.
It will join tenants including real estate investment firm Benenson Capital Partners; private equity firm White Oak Equity Partners; law firm Marks O’Neill; financial consultancy PMC Treasury; non-profit World Federalist Movement; and hedge fund research provider Global Source Partners.
JLL’s Howard Hersch, Sam Seiler and Cynthia Wasserberger are leading a team handling the leasing for Marx Realty. CBRE’s Clyde Reetz represented The Week.
.