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Deals & Dealmakers

Tenants giving new-look Grand Central building a place in innovation economy

Marx has brought the tenants from 78 to 91 percent with a classy repositioning.

Marx Realty (MNPP) announced that global life insurance company MassMutual, signed a 22,000 s/f, 10-year lease for the entire 12th floor at 10 Grand Central.

The company is relocating from 200 Park Avenue.

Additionally, international news agency Agence France-Presse, AFP, UK-based sports private equity firm 23 Capital, asset management firm Everside Capital Partners, and educational technology company Decoded have signed long-term new leases at the newly repositioned office tower.

The developer is also in negotiations with three tenants flooking to relocate to 10 Grand Central.

Marx Realty has signed over 160,000 s/f of new leases since the announcement of the building’s repositioning less than a year ago, which started with relocating the entry portal to its original location on 44th Street.

During that time, occupancy has increased from 78 percent to 91 percent. Pre-built suites on the 23rd floor at 10 Grand Central are now fully leased with France Agence-Presse taking 2,700 s/f, Decoded taking 4,000 s/f, and 23 Capital taking 3,600 s/f. Everside Capital Partners will take 4,200 s/f on the 21st floor of the building.

“Every new lease signed at 10 Grand Central represents the remarkable appeal of distinctively designed space infused with a hospitality aesthetic and hotel-like services,” said Craig Deitelzweig, president and CEO of Marx Realty.

“The building’s proximity to Grand Central combined with the game-changing design sensibility, is attracting tenants who, in the past, might never have considered office spaces east of Park Avenue. When they see the space in person, it’s a no brainer. The expanding community of innovators across financial, technology and business services at 10 Grand Central is proof positive that we successfully implemented a winning strategy.”

The redesign was led by David Burns, principal of Studios Architecture. JLL’s Howard Hersch, Sam Seiler, Brett Harvey and Cynthia Wasserberger are leading a team handling the leasing for Marx Realty. The building’s asking rents range between $72 and $120 psf.

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