Marx Realty Expands to 11K SF at 10 Grand Central

Marx Realty is expanding its presence in its own building at 10 Grand Central, moving to 11,000 square feet on the 11th floor from a 9,000-square-foot space on the 7th floor, the firm announced. 

The real estate company, whose portfolio also includes 545 Madison Avenue in Manhattan and 1307 New York Avenue in Washington, D.C., signed a 10-year deal for the new space at an asking rent of $94 per square foot. Marx represented itself in this deal. 

Once Marx vacates its previous space in the building, retail company 1-800-Flowers will move into the 9,000-square-foot space on the 7th floor, vacating its sublease on the 18th floor, Marx said in the announcement. 

1-800-Flowers signed a five-year deal at an asking rent of $88 per square foot. Chris Foerch of Savills represented 1-800-Flowers in this deal. Savills did not immediately respond to a request for comment. 

“Securing prime real estate in New York City represents our continued commitment to strengthening our presence in one of the world’s most dynamic markets,” Dennis Marnick, head of real estate for 1-800-Flowers, told Commercial Observer via email. “The space continues to enable us to better serve our customers while supporting our talented team with a modern, collaborative environment that reflects our innovative approach to connecting people through meaningful moments and celebrations.”

10 Grand Central will be getting a brand new tenant when UK-based alternative asset management platform Hayfin Capital Management takes over 7,000 square feet on the 16th floor, Marx said. Hayfin will eventually move from its current office at the GM Building, also known as 767 5th Avenue. The firm signed a seven-year deal at an asking rent of $92 per square foot. 

CBRE brokers Arkady Smolyansky, Masha Dudelzak, Jacob Rosenthal and Gerry Miovski represented Hayfin. CBRE did not immediately respond to a request for comment. 

Mitchell Konsker, Thomas Swartz, Carlee Palmer and Nicole Danyi from JLL represented Marx Realty. 

“Marx is leading the market with the best in amenities, which is resonating with the tenant community and has increased velocity and rent premiums,” Konsker said in an email to CO. 

Marx recently completed some new amenity offerings at 10 Grand Central. The meeting galleries are a new 11,000-square-foot amenity comprising four reservable spaces to accommodate board meetings, corporate retreats, company gatherings, product launches, team building activities and even podcast productions. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.