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 16^th 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 32^nd-36^th 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.

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