August 5, 2019
Marx Realty secured a $140-million loan to refinance its 10 Grand Central office tower at 155 E. 44th St. MetLife originated the loan, and a Cushman & Wakefield team of Steve Kohn, Adam Doneger, Mark Ehlinger, and Noble Carpenter III oversaw the assignment.
The 35-story Ely Jacque Kahn-designed building recently underwent a $48-million repositioning, which included a relocated entry portal and redesigned lobby as well as a 7,500-square-foot amenity space. Occupancy at the property has increased from 78% to 91% since the repositioning was announced.
“Thanks to the Cushman & Wakefield team’s execution and the repositioning team’s tremendous success in seamlessly incorporating hospitality into the office product, we were able to have a host of lenders to choose from for this long-term loan,” said Craig Deitelzweig, president and CEO of Marx Realty. “We look forward to working with them again as we continue to add value throughout our portfolio.”
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