10 Grand Central Terminal gets revamp
When a landlord of an office tower has to relocate its headquarters to make space for another tenant, it usually indicates a high demand for the building.
This is currently the case at Marx Realty’s 10 Grand Central, a 450,000 square-foot Art Deco property formerly known as 708 Third Ave. In 2018, Marx CEO Craig Deitelzweig initiated a $45 million repositioning project that included relocating the entrance to East 44th St.
Since then, the building has been a leasing success, with 27,000 square feet of new deals bringing the occupancy rate to over 95%.
Marx will be expanding its current 9,000 square feet on the seventh floor to 11,000 square feet on the 11th floor to accommodate 1-800-Flowers, which will be moving into Marx’s former space on the 18th floor.
“I have never seen so many tenants expanding or expressing interest in doing so in my 24-year career,” Deitelzweig shared.
Hayfin Capital Management, an alternative asset management platform, will be relocating from the GM Building to a 7,000 square-foot space on the 16th floor of 10 Grand Central. This space became available when Teladoc expanded to the 17th floor.
Central Grand revamp terminal
