Riveron Secures Long-term Lease at 10 Grand Central
Riveron, a prominent national business advisory firm, has committed to a substantial lease agreement extending over ten years for 20,000 square feet of office space at 10 Grand Central, as reported by Commercial Observer.
Lease Details and Location
The advisory firm, which collaborates with private equity and capital advisers across various sectors, will occupy the entirety of the fifth floor in the building. The rental rate for this prime space was listed at $82 per square foot, according to insiders familiar with the transaction.
Riveron’s new New York City location represents a strategic move from its previous address at 461 Fifth Avenue, which is approximately eight blocks away from the new site at 155 East 44th Street.
Key Players in the Transaction
The transaction was facilitated by a team from JLL, including Mitchell Konsker, Carlee Palmer, Thomas Swartz, and Nicole Danyi, representing Marx Realty. On the other side, Peter Trivelas and Dan Fisk from Cushman & Wakefield acted on behalf of Riveron.
While JLL has not yet responded to inquiries regarding the deal, Cushman & Wakefield declined to comment.
Improvements at 10 Grand Central
Marx Realty acquired 10 Grand Central, a 35-story office tower, in 2018, and subsequently announced a significant investment of $45 million dedicated to enhancing the building’s appeal and amenities. The renovations aim to create a more luxurious, hotel-like atmosphere.
Among the upgrades are a cocktail lounge designed to resemble a 1930s luxury train car, dubbed the Bar Car, and a 200-seat town hall space known as the Meeting Galleries. In an effort to enhance tenant experience, Marx Realty also invested $100,000 in a Porsche Taycan, referred to as the “Marx Mobile,” to provide transportation for tenants in Midtown.
Market Response and Future Outlook
Craig Deitelzweig, CEO of Marx Realty, expressed optimism regarding the building’s repositioning, stating, “We have seen interest in the spaces at 10 Grand Central skyrocket since repositioning the building in 2018. It’s not surprising to see firms choosing options that give employees an inspiring and collaborative workplace that redefines a welcoming hospitality-like sensibility at the office.”
As commercial real estate in New York City evolves, Riveron’s move reflects broader trends emphasizing workplace environments that foster collaboration and comfort.