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Deals & Dealmakers

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.

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