Office Expansion and Renewals

Leading investment advisory firm Family Management Corporation has signed a significant lease agreement marking the largest deal at the 35-story office tower, 10 Grand Central. The firm will expand its office space from 4,800 square feet to 11,000 square feet under a new seven-year lease.

Previously, Family Management had occupied the Midtown property, located at 155 East 44th Street, under a five-year lease initiated in 2022.

Weidenbaum & Harari Lease Renewal

In addition to Family Management’s expansion, law firm Weidenbaum & Harari has renewed its lease for an 8,000-square-foot office space within the same building for an additional seven years. The timeline of Weidenbaum & Harari’s original move-in date remains unspecified.

Market Insights and Amenities

According to Craig Deitelzweig, CEO of Marx Realty, the recent lease activity can be attributed to the company’s top-tier amenities and services that have redefined workplace experiences. “The recent renewal and expansion were driven by our best-in-market, premier amenity offering which redefined the workplace experience before the market knew it needed to be rethought,” Deitelzweig stated.

The asking rents at 10 Grand Central range from $82 to $140 per square foot, although specific figures for the recent deals were not disclosed.

Deal Brokerage and Representation

JLL representatives, including Mitchell Konsker, Carlee Palmer, Thomas Swartz, and Nicole Danyi, facilitated the transactions on behalf of the landlord. Family Management was represented by Robert Silver of Newmark, while Douglas Levine, also from Newmark, represented Weidenbaum & Harari.

As of the latest updates, spokespeople from the involved firms had not responded to requests for comments regarding the deals.

New Amenity Space Launch

The increased interest in leasing may correlate with the completion of a 11,000-square-foot amenity space at 10 Grand Central, known as the Meeting Galleries. This newly designed space includes four reservable areas aimed at accommodating meetings, retreats, and activities. Features include a podcast studio, a cocktail bar, and a mini movie theater, as detailed in a previous report by Commercial Observer.

Deitelzweig noted that the demand for the Meeting Galleries has been high, stating, “We began taking reservations for the Meeting Galleries spaces well before construction was complete and consistently receive enthusiastic feedback from existing and potential tenants as well as brokers touring the building.”

Other Notable Tenants

The tenant mix at 10 Grand Central includes a diverse range of companies, such as TMF Group, a provider of administrative services, the nonprofit The Completed Life Initiative, and the online health care company Teladoc Health.