Merchants Bancorp Opening 10K-SF NYC Headquarters at 10 Grand Central
By Celia Young June 7, 2022 2:22 pm
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The Indiana-based Merchants Bancorp is taking its business to the Big Apple.
The bank holding company inked a 10-year lease to open a new 10,000-square-foot New York City headquarters on the entire 24th floor of 10 Grand Central, according to landlord Marx Realty. Asking rent was $84 per square foot for the space in the building on the corner of East 44th Street and Third Avenue.
“[Merchants] wanted to have a real presence in New York and wanted the space to really speak to their brand and excite their employees to come into the office — as well as make a real impression on their guests when they come to the office,” Craig Deitelzweig, Marx’s CEO and president, said. The building, “with its hospitality vibe, spoke to them really from day one,” he said.
The bank plans to move into its new space this fall, Deitelzweig said. Merchants, which owns Merchants Bank of Indiana, will take over offices previously occupied by financial services firm Macro Holdings, which left the Midtown building at the end of last year, said Deitelzweig.
The 35-story building, which has an alternative address of 155 East 44th Street, also recently signed deals with the privately held real estate investment firm Strata Equity Group, which took 3,000 square feet on the 23rd floor of the tower in a seven-year lease, and Maman Bakery, which grabbed 3,000 square feet of ground-floor retail in a 10-year retail lease. The property is also home to online news magazine The Week, Dwayne “The Rock” Johnson’s production company Seven Bucks Productions, and insurance firm MassMutual.
JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer and Thomas Swartz represented Marx Realty in the deal. Savills’ Chris Foerch and Roi Shleifer handled it for the tenant. Both JLL and Foerch did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
