MassMutual Plans New Offices on Third Avenue
By Rebecca Baird-Remba August 21, 2019 3:37 pmreprints
Insurance giant MassMutual recently leased up one of the last free blocks of space at 10 Grand Central, Marx Realty’s redeveloped office tower at Third Avenue and East 44th Street.
The $30 billion insurance provider inked a 10-year, 22,000-square-foot deal for the entire 12th floor of the 35-story office tower designed by Ely Jacques Kahn, the landlord announced last week. Asking rent in the building ranges from $72 to $120 a square foot.
MassMutual is relocating from 200 Park Avenue.
The transaction, which was first reported by the New York Post, brings the building up to 91 percent leased.
“Every new lease signed at 10 Grand Central represents the remarkable appeal of distinctively designed space infused with a hospitality aesthetic and hotel-like services,” said Craig Deitelzweig, president and CEO of Marx Realty, in prepared remarks. “The building’s proximity to Grand Central combined with the game-changing design sensibility, is attracting tenants who, in the past, might never have considered office spaces east of Park Avenue.”
JLL (JLL)’s Howard Hersch, Sam Seiler, Brett Harvey and Cynthia Wasserberger represented the landlord, and Amy Fox and Stuart Romanoff of Cushman & Wakefield (CWK) handled the transaction on behalf of the tenant. Neither set of brokers immediately responded to a request for comment.
Marx Realty recently spent $48 million to put a new entrance on 44th Street and create a new lobby and a new shared terrace and lounge for tenants on the seventh floor.
MassMutual also recently signed a deal for new offices at 90 Park Avenue, between East 38th and East 39th Streets, as Commercial Observer previously reported.