NEW YORK CITY—Benenson Capital Partners just extended its 15,000 square-foot lease with a 10-year term, occupying the 27th through 29th floors at 10 Grand Central. In addition, in August, White Oak Equity Partners is moving into 2,500 square feet of pre-built office space on the 21st floor, in the 35-story Midtown tower. Property owner, developer and manager Marx Realty recently leased office space totaling 37,000 square feet in the building located at 155 E. 44th St.
The building's asking rents are $78 per square foot in the high-rise tower suites, $75 per square foot in the mid-rise portion of the tower and $68 per square foot in the base.
Since April other new leases, extensions and expansions were signed with law firm Marks O'Neill; non-profit TRNC; financial consultancy PMC Treasury; non-profit World Federalist Movement; non-profit CGB New York; and hedge fund research provider, Global Source Partners.
Marx Realty is investing $45 million in upgrades. The renovations will include relocating the entryway with a lobby, and on the seventh floor adding a 5,000 square-foot lounge with a 2,500 square-foot, landscaped terrace, cafe and conference facility. The building was originally designed by Ely Jacques Kahn and constructed in 1931. Kahn also designed Bergdorf Goodman's Fifth Avenue department store and worked with Ludwig Mies van der Rohe and Philip Johnson on the Seagram Building.
The upgrades are inspired by the world's finest hotels and private clubs, applying a modern twist to the building's original Beaux Arts design aesthetic, according to Marx Realty president and CEO Craig Deitelzweig. “Warm walnut wood, concrete, brushed brass and velvet are used throughout the building's full redesign. These elegant enhancements will return this classic, yet moderm tower to its rightful place among the elite Grand Central buildings,” he says.
David Burns, principal of Studios Architecture, is handling the redesign. It will also include a relocated four-story entryway with brushed brass fins, oversized black brickwork and walnut wood doors with a glass surround. The building address, which has been rebranded from 708 Third Ave. to 10 Grand Central, will be displayed with brushed brass lettering. The entry will be staffed by a uniformed doorman, adding to the full-service hospitality ambience.
Deitelzweig states the opulent finishes and contemporary feel will respect the history of the building while modernizing aesthetics, also accommodating today's practical requirements.
“Current and prospective tenants are extremely enthusiastic about the updates and the terrific location,” he says. “The boutique aesthetic and the benefits of the on-site amenities have been incredibly well-received.”
A JLL team led by Howard Hersch and Clark Finney is representing Marx Realty in the leasing transactions.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
