Press
The Week Magazine, Montieth & Company Sign New Leases At 10 Grand Central
January 16, 2019
Weekly News Magazine Takes Full 22nd Floor; Communications Consultant Firm Secures Prebuilt Space
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced 14,200 square feet of new leases at 10 Grand Central, located at 155 E. 44th Street in the Grand Central submarket of Midtown Manhattan. The U.S. division of UK-based weekly news magazine The Week will be taking over the entire 12,000-square-foot space on the 22nd floor in a 10-year lease while communications consultant firm Montieth & Company will move into a 2,200 square feet pre-built suite on the 16th floor in a five-year lease. The announcement was made by Craig Deitelzweig, President and CEO of Marx Realty.
“We are happy to welcome The Week and Montieth & Company to 10 Grand Central as both companies join a prestigious and diverse roster of high-profile tenants,” said Deitelzweig. “These new deals, along with our incredibly strong leasing activity, is directly attributable to the significant repositioning of this 1930s era classic office building, including our best-in-class club-like amenity offerings, creating something truly aesthetically special.”
Marx Realty is nearing completion of its $45 million repositioning at the Ely Jacques Kahn-designed office tower recently rebranded as 10 Grand Central. The renovations include the relocation of the entryway from Third Avenue to 44th Street, along with a complete redesign of the lobby and the creation of new state-of-the-art hospitality-styled amenity spaces, including a new 5,000 square-foot lounge with seamless connections to a 2,500-square-foot terrace and a 36-seat conference facility on the seventh floor. The dramatic redesign is led by David Burns, principal of Studios Architecture. The new design pays homage to Ely Jacques Kahn’s original design intent.
Timeless walnut wood walls and brushed brass accents create a warm and inviting feel from the lobby through to the amenity floor. Concrete tiles arranged in a classic herringbone pattern punctuate the enduring Beaux Arts aesthetic while a striking array of lighting fixtures exude an air of dramatic sophistication in the lobby and amenity spaces. The seventh-floor lounge boasts oversized artwork and a café complete with built-in appliances as well as furnishings fashioned in “Grand Central Green,” a distinctive nod to the building’s proximity to Grand Central Station.
“Marx Realty has collaborated with a world-renowned team of designers and architects to bring these remarkable upgrades to life at 10 Grand Central,” added Deitelzweig. “We are very proud to see that both current and incoming tenants are very enthusiastic about these enormously powerful changes. After all, office tenants view their workspace as an extension of their brand.”
Marx Realty is also creating 10 well-appointed pre-built office suites ranging in size from 2,500 to 8,000 square feet as well as a 22,000-square-foot full-floor space which the firm will build out to tenant specifications. Each new suite exudes an air of sophistication, from polished concrete floors to a café with banquette seating, tile backsplashes, brushed brass cabinet and drawer pulls and beverage walls with built-in cappuccino machines. Contemporary sliding barn doors complement the sleek styling of these new office spaces. Select suites also offer access to private terraces.
A JLL team led by Howard Hersch, Sam Seiler and Cynthia Wasserberger is handling the leasing effort on behalf of Marx Realty. The Week Magazine was represented by Clyde Reetz of CBRE.
The Week and Montieth & Company join a number of recent new leases, expansions and extensions that include Benenson Capital Partners (real estate investment), White Oak Equity Partners (private equity firm), Marks O’Neill (law firm); PMC Treasury (financial consultancy); World Federalist Movement (non-profit); and Global Source Partners (hedge fund research provider). The building’s asking rents are of $92 per square foot in the high-rise tower, $78 per square foot in the mid-rise portion of the tower and $72 per square foot in the base.
About Marx Realty
Marx Realty is a division of Merchants National Properties (MNP). Founded in 1915, its current portfolio of properties includes over 4.7 million square feet of commercial office, retail and residential space as well as five mixed-use projects currently under development. Marx Realty is vertically integrated and involved in all phases of real estate management, development, construction and leasing. The company’s assets comprise 67 properties in 17 states across the continental United States.