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Deals & Dealmakers

Marx Realty Signs Over 16,000 Square Feet in New Office and Retail Leases at 10 Grand Central

Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced Merchants BancorpStrata Equity Group, and French bakery maman have signed leases totaling 16,000 square feet at the company’s iconic, hospitality-infused 10 Grand Central office tower in Midtown Manhattan. In total, 51,000 square feet of leases have been signed at 10 Grand Central in the last two months.

“10 Grand Central continues to play a pivotal role in Midtown Manhattan’s ongoing return to the office,” said Craig Deitelzweig, president and CEO of Marx Realty. “We are thrilled to welcome two highly regarded firms along with a fantastic French bakery to our already diverse tenant roster at this iconic building. The brisk leasing and tour activity is a testament to our incredibly successful hospitality-inspired repositioning strategy in place across our portfolio.”

Merchants Bancorp has signed a 10,000-square-foot, 10-year lease on the building’s 24th floor while Strata Equity Group signed a 3,000-square-foot, 7-year lease on the 23rd floor. Both companies are making 10 Grand Central their official New York headquarters and first location in the city. Additionally, Maman bakery has also signed a 3,000-square-foot, 10-year lease on the ground floor fronting 44th St. Maman joins a number of popular food and retail options at street level including Mediterranean restaurant CAVA, Little Collins Australian café, and health-conscious salad chain Sweetgreen.

“The latest leasing activity at 10 Grand Central proves the building is positioned as an ideal location for both national and international high-profile companies looking to have a presence in New York,” added Deitelzweig. “The building’s repositioning strategy, paired with an unbeatable location just steps away from Grand Central Terminal, continue to make it one of the most sought-after office towers in Manhattan.”

In 2019, Marx Realty completed a $48 million top-to-bottom repositioning of the 35-story, Ely Jacques-Kahn-designed building. Among the building’s most impressive features are its sleekly styled lobby as well as a 7,500-square-foot indoor/outdoor club floor boasting a well-appointed lounge, 40-seat conference space and The Ivy Terrace, all designed to mimic the world’s finest hotels.

The most recent addition at 10 Grand Central, the Penthouse Collection, consists of 20,000 square feet of uber-luxe penthouse offices on floors 32 through 36, which offer exceptionally designed suites and an elevated first-of-its-kind aesthetic. Floors 32 and 33 have been completed while the rest of the collection is expected to be delivered later this year.

“We are proud to have created a completely new asset class through Marx Realty’s signature hospitality-infused sensibility,” added Deitelzweig. “We continue to see tremendous leasing activity at Marx-owned buildings that have undergone the same treatment, including 545 Madison in New York, The Herald in Washington D.C. and The Department Building in Atlanta.”

10 Grand Central’s repositioning allowed Marx Realty to review the building’s environmental footprint. In addition to daily focus on maximizing wellness for tenants, guests, and the community at large via cleaning procedures, janitorial processes and waste management, Marx Realty implemented a program to plant three trees in the area for every lease that is signed at 10 Grand Central, as well as its other assets across the country.

10 Grand Central’s remarkable new tenants join an already impressive and diverse roster of tenants, including conference organizer for health innovation HLTH; golf investing company LIV Golf Inc.; weekly online news magazine The Week; real estate investment firm Benenson Capital Partners; and Goldman Sachs-backed Crux Informatics. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the New York Post); insurance giant MassMutual, and international news agency Agence France-Presse.

The redesign was led by David Burns, principal of Studios Architecture. JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer, and Thomas Schwartz are leading a team handling the leasing for Marx Realty. The building’s asking rents range between $65 and $120 per square foot.

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