10 Grand Central entrance and marquee/ Photo credit: Marx Realty
NEW YORK CITY—One of the Midtown office towers leading the trend in designing offices more like hotels has obtained a $140 million refinancing loan from MetLife. Marx Realty is taking out the loan for 10 Grand Central, the 35-story building located at 155 E. 44th St.
“The refinancing gives us the ability to continue offering best-in-class office spaces for today’s image conscious firms,” says Craig Deitelzweig, Marx Realty CEO and president.
The real estate owner, developer and manager recently completed a $48 million repositioning of the building that was originally constructed in 1931. With the renovated front entrance and lobby, a uniformed doorman and attendant at the front desk add to a hotel-like atmosphere, enlivening the historical architecture.
Marx Realty built a 7,500 square-foot amenity space, the Ivy Lounge, which also includes a conference room and outdoor terrace. Walnut wood finishes, herringbone concrete tile floors, and the interior decor foster a 1930s-era garden party ambiance. This GlobeSt.com slideshow and article highlights the redesign that provides a modern interpretation of Ely Jacque Kahn’s original Beaux Arts design.
Cushman & Wakefield’s Steve Kohn, Adam Doneger, Mark Ehlinger and Noble Carpenter III represented Marx Realty in the negotiations. Kohn says the improvements and the location near Grand Central Terminal attracted many potential lenders.
And the strategic, detailed repositioning has been paying off, according to Deitelzweig.
“Occupancy at 10 Grand Central has increased from 78% to 91% since we announced our plans last year and we continue to get incredible feedback from brokers as well as existing and potential tenants across financial, technology and business services fields,” he says.
Recent new tenants include health tech company HLTH, international news agency Agence France-Presse, UK-based weekly magazine The Week, sports private equity firm 23 Capital, hedge fund group Macro Risk Advisors, asset management firm Everside Capital Partners, educational technology company Decoded, and private equity firm White Oak Partners.
In addition, Beneson Capital Partners renewed a 10-year, 15,000-square-foot lease, and the advertising association ANA also committed to a significant expansion.
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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.
