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Marx Realty has signed more than 160,000SF in new leases, upon the building’s $48M repositioning.

By Ingrid Tunberg | August 13, 2019 at 12:18 PM

NEW YORK – MassMutual has signed a ten-year, 22,000-square-foot lease at Marx Realty’s 10 Grand Central in Midtown Manhattan. The global life insurance company is relocating from 200 Park Avenue in Midtown, to the entire 12^th floor of the refurbished 35-story building.

Since announcing the $48 million repositioning of the Ely Jacques-Kahn-designed office tower less than a year ago, Marx Realty has signed more than 160,000 square feet of new leases in the nearly 500,000-square-foot building.

The newly reimagined, 1931 tower has attracted long-term leases, including 2,700 square feet for the international news agency, Agence France-Presse; 3,600 square feet for the UK-based sports private equity firm, 23 Capital; 4,200 square feet for the asset management firm, Everside Capital Partners, and 4,000 square feet for the educational technology company, Decoded. Other notable tenants for 10 Grand Central include Benenson Capital Partners, Dennis Publishing’s The Week, ANA, HLTH, Macro Risk Advisors, White Oak Partners, as well as various film production, fintech and private equity firms and companies. Marx Realty is additionally in negotiations with three tenants from the Midtown Seagram Building, who are looking to relocate to 10 Grand Central.

The recently completed building renovations began by relocating the entrance portal to its original location on 44^th Street, showcasing its proximity to Grand Central Station. Transformations to the property included redesigning the lobby, four-story entrance portal, marquee, lounge, the Ivy Terrace and a 40-seat conference space. The design team implemented hotel-like amenities, lobby accents of walnut wood, brushed brass and polished concrete, and a 7,500-square-foot indoor/outdoor café and lounge inspired by 1930s design.

Building occupancy has increased from 78% to 91% since the refurbishment project. Asking rents for the tower range from $72 to $120 per square foot.

David Burns, principal of Studios Architecture has led the property’s redesign efforts. Howard Hersch, Sam Seiler, Brett Harvey and Cynthia Wasserberger of JLL are handling the leasing for Marx Realty.

Marx Realty is a New York-based owner, developer and manager of office, retail and multifamily property across the US. A division of Merchants National Properties (MNPP), founded in 1915, Marx Realty holds a current portfolio of more than 5 million square feet of properties.