Leases  ·  Office

Green Street Advisors Expands With First NYC Office at 10 Grand Central

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Green Street Advisors is opening its first New York City office at 10 Grand Central, landlord Marx Realty announced this week.

The real estate research firm signed a long-term lease for 5,000 square feet in the Midtown building, which has an alternate address of 155 East 44th Street, around the corner from Grand Central Terminal, the landlord said. Asking rent was $67 per square foot.

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A spokesperson for Marx did not specify the exact length of the lease, saying only that it was for more than five years.

JLL (JLL)’s Ian Lipman represented Green Street Advisors while JLL’s Mitchell Konsker, Kyle Young, Carlee Palmer, Simon Landmann and Thomas Swartz handled the deal for Marx Realty. A spokesperson for JLL did not immediately respond to a request for comment.

The Newport Beach, Calif.-based Green Street — which analyzes more than 130 real estate investment trusts — currently has offices in London and New Jersey. 

Marx Realty completed an overhaul of the lobby and Art Deco-inspired façade on the lower levels of 10 Grand Central in 2019. Office suites on floors 32 through 36 were also transformed with features such as an outdoor terrace and solarium, according to Marx.

“It’s quite telling that a leading commercial real estate intelligence firm chose 10 Grand Central for its New York City office,” Marx Realty President and CEO Craig Deitelzweig said. “Leasing velocity at 10 Grand Central has been on a consistently strong trajectory since its official launch in 2018.” 

Other tenants at 10 Grand Central include bank holding company Merchants Bancorp, tour organizer LIV Golf, weekly news magazine The Week, and real estate investment firm Benenson Capital Partners. Lunch destinations on the street level include Cava, Little Collins and Sweetgreen

Abigail Nehring can be reached at anehring@commercialobserver.com.