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Deals & Dealmakers

Marx Realty Signs Helix Partners Management at 545 Madison

Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced investment advisory firm Helix Partners Management has signed a 5-year, 7,000-square-foot lease on the 8th floor at 545 Madison. The firm is relocating from 399 Park Avenue.

“We are excited to have Helix Partners join the impressive lineup of top-tier financial companies at 545 Madison,” said Marx Realty’s President and CEO, Craig Deitelzweig. “This lease comes just weeks after we unveiled the Leonard Lounge – a spacious lounge on the same floor complete with a café, fireplace, landscaped terrace, and boardroom.”

Helix Partners was represented by Greg Maurer-Hollaender of CBRE, while a Cushman & Wakefield team led by Tara Stacom represented Marx Realty.

Marx Realty infused the spaces at 545 Madison with its signature hospitality aesthetic, resulting in a remarkable transformation. The $24 million project went beyond superficial changes, essentially creating a home-away-from-home experience in the office. The one-of-a-kind strategy set a new industry standard, catering to the demand for high-quality office spaces. As a result, Marx Realty has achieved higher occupancy rates, increased asking rents, and attracted a prestigious tenant mix.

“Helix Partners was particularly attracted to the well-appointed pre-built suites at 545 Madison as well as the elegant and elevated environment that the property offers to their employees and guests,” added Deitelzweig.

The recently unveiled Leonard Lounge represents the culmination of 545 Madison’s top-to-bottom renovation. Spanning 7,000 square feet, this stunning space is composed of three distinct areas: a café, a 2,000-square-foot landscaped terrace, and a 40-seat boardroom. The Leonard Lounge is reminiscent of a members-only club and was named after Leonard Marx, the founder of Marx Realty. It boasts a variety of elegant features, including a ceiling-suspended fireplace surrounded by plush velvet seating, which gives the lounge a rare, sophisticated ambiance not often found in traditional office settings. Whether users are looking for a bespoke workspace outside of the usual office environment or a cozy nook to unwind with a cocktail after a long day, the Leonard Lounge provides the perfect respite.

The entrance and lobby of 545 Madison underwent a complete transformation, featuring a uniformed doorman at the entry and warm materials and soft curves in the redesigned lobby. From sophisticated mood music to soothing lighting and a signature scent, the lobby provides a welcoming ambiance reminiscent of the world’s finest hotel lobbies. Tenants and guests also have access to a well-stocked library, adding to the hotel-like experience of the space.

Marx Realty took over the 140,000-square-foot, 18-story office tower in 2019 with occupancy rates at 68 percent and the possibility of sinking to 40 percent. The real estate developer’s strategy managed to turn things around completely; today, the office tower is at almost full capacity. Not only has Marx Realty increased the occupancy rates, but they have also managed to command higher rents for the available spaces. Asking rents now range from $88 to $130 per square foot, a significant jump from prior asking rents ranging from $60 to $70 per square foot. The top penthouse floor will be available next year at an asking rent of $130 per square foot, a testament to the building’s desirability.

As part of Marx Realty’s ongoing commitment to the environment, the company is planting three trees in the local community for each lease signed in any of its office properties. This initiative is just one of many ways in which Marx Realty gives back to the community and ensures sustainability throughout its properties. By continuing this tradition, Marx Realty is helping promote healthier and more vibrant communities for all.

Financial software and applications developer Strike Technologies was the first to sign at 545 Madison soon after Marx took over and presented its plans for the building. Other notable tenants include private equity firm Snow Phipps, Vialto Partners (a spinoff of Price Waterhouse Coopers), Qurate Retail Group (formerly HSN), Ogden Capital, Corniche Growth Advisors, as well as additional top-tier wealth management and private equity firms.

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