Marx Realty (MNPP) announced a $24 million repositioning strategy of its 18-story office building at 545 Madison Avenue.
The repositioning will include two floors of pre-built office suites, a new lobby and exterior entrance and 5,000 s/f of amenities that combine form and function as well as health and wellness in a post-COVID-19 era.
Directed by David Burns of Studios Architecture, the repositioning will utilize materials that tend to be anti-microbial in nature. Doorman and lobby personnel will work in tandem to reduce the need for tenants and visitors to come in contact with surfaces. And Marx Realty’s proprietary Marx Connect software interface will be implemented in order to minimize physical interaction.
Various mechanical upgrades are also under consideration as part of the plan to reposition this asset for a post-Covid-19 office world.
A Cushman & Wakefield team led by Tara Stacom will manage leasing and marketing efforts at 545 Madison where asking rents are in the $87-115 psf range.
Craig Deitelzweig, president and CEO of Marx Realty, said “Our reputation for distinctive transformation with a keen eye on the well-being of tenants and guests is already attracting interest from high-profile private equity, hedge fund, fashion, and technology firms. We intend to translate the top-to-bottom hospitality-like experience we created at 10 Grand Central to 545 Madison.”
As part of the repositioning, Marx will add a new club floor with a lounge space, terrace and boardroom. There will also be a café with built-in appliances where tenants can host catered events. The Marx Realty signature scent will infuse the amenity spaces.
David Burns of Studios Architecture is the architect working with Marx on the redesign of the lobby and creation of the amenity spaces. OTJ Architects will create the pre-built suites on the 3rd and 14th floors.
Within weeks of taking control of the asset late last year, Marx Realty signed a five-year, 25,000 s/f lease renewal and expansion with financial software and applications developer Strike Technologies, and its electronic market making subsidiary Global Trading Systems (GTS).
The firm will occupy 14,000 s/f of space on the 15th and 16th floors and an additional 11,000 s/f of space on the 17th floor of the in Midtown Manhattan’s Plaza District. The asking rent was $95 psf.
Additional tenants at 545 Madison include corporate offices of Home Shopping Network, investment firm Permanens Capital and wealth management companies. The 140,000 s/f building, which was last renovated in 2009 – is currently 77 percent leased.