Marx Realty (MNPP) has secured a $140 million loan to refinance its 10 Grand Central office tower located at 155 East 44th Street.
MetLife originated the loan and a Cushman team led by Steve Kohn, Adam Doneger, Mark Ehlinger, and Noble Carpenter III oversaw the assignment on behalf of Marx Realty.
“The refinancing gives us the ability to continue offering best-in-class office spaces for today’s image conscious firms,” said Craig Deitelzweig, president and CEO of Marx Realty..
“Occupancy at 10 Grand Central has increased from 78 percent to 91 percent since we announced our plans last year and we continue to get incredible feedback from brokers as well as existing and potential tenants across financial, technology and business services fields.”
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property, recently completed a $48 million repositioning of the 35-story Ely Jacque Kahn-designed building which included a relocated entry portal and redesigned lobby as well as a 7,500 s/f amenity space including a lounge, conference facility and expansive outdoor terrace.
A complete lobby redesign gives tenants and guests a hotel-like experience with uniformed doorman welcoming tenants and guests to the building.
“The recent improvements to 10 Grand Central, coupled with its proximity to Grand Central Terminal, made this financing opportunity of great interest to many potential lenders,” said Steve Kohn, Vice Chairman and President of EDSF for Cushman & Wakefield, who brokered the loan.
“Thanks to the Cushman & Wakefield team’s execution and the repositioning team’s tremendous success in seamlessly incorporating hospitality into the office product, we were able to have a host of lenders to choose from for this long-term loan,” added Deitelzweig.
“We look forward to working with them again as we continue to add value throughout our portfolio.”
A number of new tenants have signed leases recently at 10 Grand Central including health tech company HLTH, international news agency Agence France-Presse, UK-based weekly magazine The Week, sports private equity firm 23 Capital, hedge fund group Macro Risk Advisors, asset management firm Everside Capital Partners, educational technology company Decoded; and private equity firm White Oak Partners.
In addition, Marx Realty secured a 15,000 s/f 10-year renewal for real estate investment firm Benenson Capital Partners and a significant expansion for advertising association powerhouse ANA.