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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