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YOUR COMMERCIAL REAL ESTATE BLOG

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Written by Diana Sabau


TELADOC INKS DEAL FOR 7,000 SQUARE FEET AT 10 GRAND CENTRAL




April 28, 2023| Commercial Real Estate News, Deals, Featured, Leasing, Office|
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Virtual health care company Teladoc has signed a long-term lease at 10 Grand
Central in Manhattan. The company will be relocating from its previous premises
near the Penn Station area by the end of this year, when it will occupy 7,000
square feet of prime Midtown office space on the 16th floor of the Marx
Realty-owned skyscraper. Asking rent was $82 per square foot.

A JLL team comprised of Kevin Duffy and Sean Lynch represented Teladoc during
the negotiations, while JLL’s Mitchell Konsker, Kyle Young, Simon Landmann,
Carlee Palmer and Thomas Schwartz handled the deal on behalf of the landlord.

Originally built in 1931, the Ely Jacques-Kahn-designed building underwent a $48
million redesign in 2019 led by Studios Architecture’s David Burns. Following
these improvements, 10 Grand Central now features an indoor/outdoor lounge area;
a fully equipped café; a 40-seat conference space; and an outdoor, 1930s-style
space called “The Ivy Terrace.”

“We are delighted to have Teladoc join the prestigious and diverse tenant roster
at 10 Grand Central,” said Craig Deitelzweig, president and CEO of Marx Realty.
“As one of Midtown Manhattan’s most compelling post-pandemic office
destinations, this iconic building continues to attract top-tier companies. The
recent influx of tenants is a testament to the success of our one-of-a-kind,
hospitality-infused repositioning strategy, which has resonated with the most
innovative and exciting organizations.”

The property at 10 Grand Central features an extensive and diverse tenant
roster, which includes the likes of Dwayne “The Rock” Johnson’s production
company, Seven Bucks Productions; insurance giant MassMutual; bank holding
company Merchants Bancorp; international news agency Agence France-Presse; real
estate investment and management company Strata Equity Group; weekly online news
magazine The Week; golf investing and tour organizing company LIV Golf Inc.;
real estate investment firm Benenson Capital Partners; Goldman Sachs-backed Crux
Informatics; global asset manager Fin Capital; global independent fund manager
DIF Capital Partners; conference organizer for health innovation HLTH; and
venture capital firm Colibri Equity Ventures.

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Manhattan NY Midtown Manhattan New York City NY

Last modified: May 2, 2023

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ABOUT THE AUTHOR / DIANA SABAU


With years of intense research on the U.S. commercial real estate market at
Yardi Matrix, Diana is currently putting her experience to use by writing for
several Yardi blogs. She covers CRE investment, job market trends and tech. Her
work has been featured in the New York Times, GlobeSt, The Real Deal, NAIOP, MSN
and Bisnow.



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