Marx Realty (MNPP) has signed a 10-year retail lease with
Wells Fargo to occupy 4,700 S/F of retail space at its 545 Madison Ave. in the
Plaza District.
Marx Realty was represented internally by Henry Henderson and Wells Fargo was represented by Annette Healey of CBRE. The asking rent was $575 per square foot.
“We are excited to see nationally recognized brands like
Wells Fargo recommitting to this part of Madison Avenue,” said Craig Deitelzweig,
president and CEO of Marx Realty. “It’s especially rewarding to know that the
firm chose this location based largely on Marx Realty’s commitment to
reimagining the office building at 545 Madison with our signature hotel-like
ambiance. It also reinforces the strength of the financial services sector in
this enclave of Midtown Manhattan.”
The firm is relocating its branch from 540 Madison Ave. to
the building where Marx Realty is planning a $24 million repositioning.
“Marx saw incredible activity as we marketed the retail
spaces at 10 Grand Central,” said Deitelzweig. “And, we expect to see similar
interest levels for the remaining 660 square feet of retail space at 545
Madison adjacent to the building’s new fluted glass door entry.”
The repositioning of 545 Madison includes two floors of pre-built office suites, upgraded lobby, façade and entryway as well as 5,000 s/f of new amenities that the company said “represent the perfect combination of form and function as well as health and wellness.”
A Cushman & Wakefield team led by Tara Stacom will
manage leasing and marketing efforts for office space with rents in the $87-115
range.
David Burns of Studios Architecture is the architect working
with Marx on the redesign. OTJ Architects will create the pre-built suites on
the 3rd and 14th floors.
Current tenants at 545 Madison include Permanens Capital.
Financial software and applications developer Strike Technologies, and its
electronic market making subsidiary Global Trading Systems (GTS), recently
signed a 25,000-square-foot lease at 545 Madison.
