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.