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Red Phone Booth Hospitality Group, operator of Saito Sushi Steak & Cocktails and Amalfi Cucina & Mercato, leased 24K SF at The Department Building, a 38K SF creative office adaptive reuse building at 207 Peachtree St. in Downtown Atlanta. Marx Realty Vice President Henry Henderson brokered the deal for his company, which owns the property.
Stephen De Haan’s Red Phone Booth Hospitality Group is leasing 24,000 square feet at historic downtown building.
A former downtown department store will become home to several new dining and entertainment concepts from an Atlanta hospitality veteran.
Red Phone Booth Hospitality Group has leased an additional 24,000 square feet at The Department Building, according to a press release.
The century-old building at 207 Peachtree Street was once Regenstein’s Department Store. In 2021, building owner New York-based Marx Realty spent $10.5 million to modernize and reposition the historic property, keeping its Art Deco design elements.
Red Phone Booth Hospitality Group already operates a restaurant in The Department Building called Saito Sushi Steak & Cocktails. It also operates two concepts adjacent to the building, Amalfi Cucina & Mercato and its namesake Red Phone Booth, a 1920’s speakeasy lounge.
The hospitality group is run by Stephen De Haan, who has a long history in Atlanta. Before starting Red Phone Booth (which also has locations in Buckhead and Nashville), De Haan operated the many venues, restaurants and bars of the former Andrews Entertainment District in Buckhead.
De Haan in a phone call Thursday said he couldn’t yet share details about his plans at The Department Building.
“We’re very excited,” he said. “We are working on bringing on multiple dining and entertainment destinations to that building in downtown Atlanta. But we are finalizing the details of those now.”
According to the announcement, the new concepts will make use of the building’s rooftop that features views of Peachtree Street and Stone Mountain.
Marx Realty’s Craig Deitelzweig Counts on Travel for Workplace Inspiration“The entertainment and dining offering is the perfect fit here, with both an ideal location and timeless historic architecture, and we welcome the opportunity to expand our relationship with this best-in-class operator,” Craig Deitelzweig, president and CEO of Marx Realty, said in the press release.
Adopting a Hotel Practice, Developer Bought $100,000 Porsche Taycan Car To Ferry Office Tenants
CoStar News | October 4, 2022
Marx Realty President and CEO Craig Deitelzweig, center, often gets ideas while traveling for providing hotel perks to his firm’s office tenants that he can discuss with his team, which includes managing director of acquisitions Paul DiCarlo, left, and Chief Financial Officer Jagdish Shah, right. (Marx Realty)
Craig Deitelzweig, President and CEO of real estate developer Marx Realty, loves traveling and staying in unique hotels.
Many of his journeys have been about unwinding from work, but they also led to an epiphany he had about office properties: Why not adopt in workspaces the hospitality amenities that brought a smile to his face?
At Marx’s 10 Grand Central building in New York, office tenants are now whisked around Manhattan by a driver in a $100,000 Porsche Taycan electric car, billed as the first office feature of its kind. The idea came to Deitelzweig after he was driven in various hotel house cars including a Tesla Model X, an Audi, an SUV and even a Maserati offered at the luxury Faena Hotel in Miami Beach, Florida.
Many of Marx’s signature hospitality touches — a uniformed doorman outside each property, luxury-hotel-like lounges and terraces, and a distinct scent made with a perfumery, to name a few — were inspired by Deitelzweig’s trips.
“When it’s a more fun vehicle, it’s a better experience” for hotel guests, Deitelzweig said in an interview. “I thought, ‘Why aren’t we offering this?’ When you go to a hotel, you feel happy. We want people to feel good when they go to the office. We want to be the opposite of the white-marble antiseptic office experience. … Having the signature scent and music, a doorman outside opening the door. … All that matters. That’s what people can learn from the hospitality world.”
Marx Realty bought a Porsche Taycan Car to ferry its office tenants. (Marx Realty)
This year, traveling with his family in Thailand motivated Deitelzweig to track down and order the same bronze lamp and little coffee table for 10 Grand Central that he saw at a Four Seasons hotel bar. On a separate trip to Portugal and Spain, he learned about cork used as a sustainable sound material. As a result, some of Marx’s properties in both New York and Washington, D.C., are replacing their herringbone wood floors with herringbone cork.
“You can learn a lot from travel,” he said. “Whenever we stay somewhere, we try to stay somewhere that’s a bit unusual. I want to see what others are doing right and what they are doing wrong. … I look at the hotels as inspiration [and ask], ‘Why do I feel good in those spaces?’”
Local Inspiration
Deitelzweig doesn’t always have to travel far to get ideas. A resident of the New York suburb of Westchester, about an hour’s drive outside the city, he’s stayed at 15 different New York hotels on long weekends or anniversaries to check out concepts.
He grew up in the New York neighborhood of Forest Hills in Queens. An industry veteran with a 25-year career history, Deitelzweig has held senior roles at both private equity and private development companies, including redeveloping over 50 properties in major markets across the country with a particular emphasis on New York and D.C. He previously practiced law in the real estate and litigation departments at Skadden, Arps, Slate, Meagher & Flom before transitioning to the business side of the industry.
He joined Marx as president and CEO in 2017. At Marx, besides focusing on office investments in its core markets of New York, D.C. and Atlanta, Deitelzweig also is responsible for repositioning the firm’s entire portfolio, including properties such as Cross County Center shopping mall in the New York suburb of Yonkers.
Marx’s hospitality focus is a growing refrain with office landlords and other workplace providers of all kinds. For instance, Convene, a high-end event-hosting and flexible-workplace company, has attracted some big-name investors thanks in part to its hospitality-like design flair.
“We’ve had a lot of rival landlords tour our property to copy what we have,” Deitelzweig said. “We always take it to the next level.” He said the house car service “is the next step. We are into details. Tenants can tell a really authentic experience.”
When 10 Grand Central completed a $48 million top-to-bottom overhaul in 2019, Marx decided to use the same font used by Porsche for its new building logo, according to Deitelzweig. The firm wanted to get across the idea of the speed of the trains that pass through nearby Grand Central Terminal, one of the world’s busiest transit hubs.
“It just seemed natural,” Deitelzweig said. “We were inspired by Porsche before we bought the Porsche.”
When working out amenity details, Marx looks to make subtle local connections to a property’s city.
For its recent second house car purchase, an $80,000 Tesla Model Y for the Herald office building in D.C., Marx liked the idea of paying tribute to an American car in the U.S. capital.
Marx Realty is known for its luxury-hotel-inspired touches such as a uniformed doorman outside each of its office properties. (Marx Realty)
More Cars Coming
Marx plans to roll out more house cars for other buildings “given the already enthusiastic tenant interest,” Deitelzweig told CoStar News.
At 10 Grand Central, an in-house driver takes building tenants, free of charge, in the Porsche from the East River to Eighth Avenue, and from Central Park to Union Square, between 10 a.m. and 6 p.m. on weekdays.
The electric sports car has attracted excited building tenants who want to take pictures with it and has made five rides a day on average since its debut in mid-September, Deitelzweig said.
“This is just another amenity that can make tenants’ lives easier,” he said, adding the service is different from companies offering workers shuttles to locations that may be inconvenient.
Marx’s leasing record and above-average office-use rate are proof that adopting high-end hospitality-inspired amenities works, according to Deitelzweig. 10 Grand Central, for instance, increased its occupancy rate from around 60% before it began renovating the property four and a half years ago to 97% after signing tenants across the media, financial, technology and other sectors.
While that occupancy rate declined to an 80% range this year after Marx chose not to renew a longtime tenant that was paying less than half of what other tenants were paying on average, Deitelzweig said 10 Grand Central has a lot of interest from prospective tenants. He expects the occupancy rate to rise back to 97% next year.
Average rent at 10 Grand Central has risen an average of $35 dollars per square foot since the property was overhauled to include amenities such as a 7,500-square-foot indoor-outdoor club floor featuring a lounge, 40-seat conference space and an outdoor area called Ivy Terrace that Marx said was designed to mimic the world’s finest hotels.
Focus on Details
In another example of the attention Marx puts into details, Deitelzweig said Ivy Terrace deliberately features plants that were used in the 1930s to pay homage to the building’s original look by Ely Jacques Kahn, who also designed Bergdorf Goodman’s department store on Fifth Avenue.
Still, different studies show New York office workers demonstrating some reluctance to return to the workplace. 10 Grand Central’s office-use rate, according to Deitelzweig, has reached almost 90% on a normal day.
“People have been back even pre-Labor Day,” he said, adding that the amenities floor during lunchtime is completely full.
Leasing activity in New York and across the country has shown top-tier renovated or new properties are attracting tenants with the goal of enticing workers to return.
Near 10 Grand Central, another Marx office tower located at 545 Madison Ave. is 100% leased after the developer bought the property in late 2019 and renovated the building during the pandemic with its hospitality elements and finishes including warm walnut wood, velvet and bronze.
Average rent at the property went up $22 per square foot, according to Deitelzweig. He said tourists often walked in with their luggage thinking they were entering a hotel. In sharp contrast, when Marx, which owns 71 buildings in 16 states, bought 545 Madison, the occupancy rate was just at 68% and going down to 40%. CoStar data shows the average market rent in New York has declined to $57.20 per square foot from a pre-pandemic peak of $60.23 in late 2019.
DC’s Commercial Real Estate Market: What’s Ahead
The nation’s capital is capitalizing on real estate trends. During Commercial Observer’s “State of CRE in Washington D.C.” forum, industry experts discussed the recent development, demand and behavioral patterns impacting D.C. real estate.
Held virtually on Sept. 22, the forum consisted of two panels, the first of which — “Looking Forward: Economic Headwinds, Shifting Industry Trends & The Nation’s Capital” — centered around the office
Block spoke about the future of the office with panel moderator Christa Dommers, partner at law firm Seyfarth. Panelists also included Jennifer Burns, executive vice president of asset management and operations at investor, owner and developer Monday Properties; Oliver Carr, CEO at real estate investment trust Carr Properties; and Craig Deitelzweig, CEO of Marx Realty.
Each of these panelists offered a different perspective on the ways offices can attract tenants and stay afloat. Amenities, as per usual, anchored the discussion, though fancy upgrades are especially important in D.C.; the city has the lowest return-to-office rate of any major city. Roughly half of D.C. residents worked remotely in 2021, the highest percentage nationwide.
Although this statistic sounds discouraging, the lag in D.C.’s return-to-office timeline doesn’t have to be — nor should it become — the norm.
“There’s no reason for D.C. to be an anomaly,” said Deitelzweig, noting a dissatisfaction with the numbers.
To entice tenants back into the office, Marx Realty has turned to flashy forms of hospitality, certain to drum up excitement. Specifically, Marx Realty has introduced house cars to properties both within D.C. and New York. The company has brought a Porsche Taycan to Manhattan’s 10 Grand Central and plans a Tesla Model Y for Washington’s The Herald Building. Such additions will hopefully attract more employees to these properties and entice them to do their best work on-site.
The return-to-office debate therefore goes deeper than workplace flexibility. Remote and hybrid models inadvertently can — and have — negatively impacted downtowns. To overturn this economic detriment, landlords and developers must do their part to attract tenants.
It is incumbent upon the city and the government to have people in the office, said Deitelzweig.
Clearly, the pandemic has changed many facets of physical office space, as well as corresponding mindsets. Yet, while fewer employees are sharing a space at any given time, office tenants aren’t necessarily looking to downsize their facilities.
“What we’re seeing is tenants think they want less space,” said Deitelzweig. “And, when they actually start designing their space and they want more conference rooms and more collaboration and larger cafe areas and they still want offices, at the end of the day they’re not smaller.”
Since the pandemic, people’s lifestyles and mindsets about work have changed, leading to new ideas about where they can live. More and more people have opted to move away from cities, while others have chosen to remain proximal, thanks to the amenities and cultural experiences urban areas offer. According to Fluhr, urban proximity has remained a trend throughout major cities; people want to live relatively close to metropolitan areas and retain access to those areas’ offerings during their downtime.
Marx Realty kicked it into high gear with its latest plan to draw tenants to its 10 Grand Central office tower: a Porsche to ferry them around Midtown.
The landlord dropped $100,000 to buy a single electric Porsche Taycan, emblazoned with Marx Realty’s logo and named the “Marx Mobile.” The building’s 20-or-so office tenants can get a driver to shuttle them around Midtown gratis in the sports car, but only from Eighth Avenue to the East River and from 14th to 65th streets.
“When I think of all the amenities we have, this one has gotten tenants the most excited,” Marx CEO Craig Deitelzweig said. “We’ve actually had tenants take photos of the Marx Mobile.”
The service launched this week with just one 10 Grand tenant requesting the Porsche’s services and Deitelzweig picking up two prospective renters in the vehicle for tours.
The car has room for only four passengers, plus a chauffeur, which might result in some stiff competition for a drive given the roughly 1,200 people who work out of Marx’s 35-story building.
Deitelzweig said he would expand the service if it became popular. In the meantime, tenants can rent the pricey sports car on a first-come, first-serve basis for 40-minute intervals through Marx’s in-house property app. And no, office users won’t see their rent go up as a result, Deitelzweig said.
Marx plans to offer the service at The Herald Building in Washington, D.C., with a $80,000 Tesla Model Y, though Deitelzweig isn’t quite sure when it will launch because manufacturing delays have slowed Tesla’s delivery times. Both automobiles are fully electric, and Marx will charge the Tesla at its 1307 New York Avenue property in D.C., and the Porsche at a nearby garage at 45th Street and Third Avenue.
As more and more firms ditch pricey office space to save money after years of hybrid work, landlords and companies have been dropping cash on amenities to lure back office workers, turning to high-end chefs, Peloton bikes, outdoor terraces, doggie day care centers and even rooftop beehives.
Deitelzweig said crime had nothing to do with his decision to buy a Porsche for the building, nor was an office car a specific ask from any of 10 Grand’s tenants. Instead, he said the service is meant to make the property feel more like a hotel than an office.
“[Hospitality] starts at the front door. We’ve always said that, and now there will literally be a car at the front door,” Deitelzweig said. “I think it’s something that’s getting people excited about coming to work.”
Even without the luxury rides, tenants at 10 Grand — which include online news magazine The Week, Dwayne “The Rock” Johnson’s company Seven Bucks Productions, and insurance firm MassMutual — have been flooding in, with occupancy rates in the building between 80 and 90 percent in the second week of September, Deitelzweig said.
Marx Realty’s newest tenant amenity: A Porsche TaycanMarx Realty has a new amenity for tenants at its flagship office tower at 10 Grand Central: a Porsche Taycan.
Tenants can use the Porsche Taycan electric vehicle, which sells retail starting at $87,000, for transport from the East River to 8th Avenue and from Central Park to Union Square.
The car has Marx Realty branding on it.
“Our house car will be available to every tenant on a first-come, first-served basis through the Marx Connect app,” Marx Realty CEO Craig Deitelzweig said. “The Marx Mobile works as an extension of our signature hospitality-infused approach to office design.”
This comes on the heels of Marx Realty’s aggressive renovation of its portfolio, including the $48 million 10 Grand Central which was completed in 2019. Features include a redesigned lobby, 7,500-square-foot club floor, and Ivy Terrace which has generated more than $500,000 in rental income for the company.
Marx Realty has signed more than 50,000 square feet of office and ground floor retail space in 2022. Notable tenants include Merchants Bancorp, Strata Equity Group, Benenson Capital Partners and weekly online newsmagazine The Week.
Asking rents in the building range from $67 to $120 per square foot, Marx Realty says.
10 Grand Central’s redesign was led by Studios Architecture’s David Burns.
Leasing for Marx Realty is handled by JLL’s Mitchell Konsker, Kyle Young, Simon Landman, Carlee Palmer and Thomas Schwartz.
Manhattan’s Lower East Side Attracts Four New Office Tenants
Marx Realty has signed four office tenants at Lower East Side properties including the one at 161 Bowery.
Manhattan’s Lower East Side, known for its nightlife and restaurants, is attracting more office tenants.
Four new leases totaling 10,300 square feet, from creative, entertainment and tech firms, have been signed at 135 and 161 Bowery, two boutique office buildings located between Grand and Delancey streets, landlord Marx Realty, which bought the two properties in 2018, said Monday in a statement.
“Technology, advertising, media and information companies have been flocking to this vibrant neighborhood for its dynamic built-in amenities,” Craig Deitelzweig, CEO of Marx Realty, said in the statement, adding the buildings themselves also are among the “most distinctively designed” in the area with unusually high ceilings and “contemporary” office suites. “The leasing velocity here is a perfect representation of the flight to quality underway in the office sector.”
Existing tenants at the buildings include entertainment and popular culture news website UPROXX, social media firm Kik Interactive, advertising company Space 150, and multinational educational startup Brainly, Marx Realty said.
Opened in 1920 and redeveloped in 2016, 161 Bowery is a seven-story building with street-level retail and 25,000 square feet of office space. Its suites feature 12-foot ceiling heights, open floor plates, and direct fiber-optic internet connections, Marx Realty said, adding there also are in-suite cafes, exposed ceilings and oversize operable windows. 135 Bowery is a newly built, eight-story building with 23,000 square feet of space, street-level retail and offices on floors two through eight. Opened in 2016, the building includes private terraces on two of its floors.
A new Moxy Hotel is set to open steps away at 145 Bowery, Marx Realty said.
As companies seek to attract talent desiring to work in the so-called 24/7 neighborhood, telecom giant Verizon last year signed a lease to become the anchor office tenant in the mega mixed-use Essex Crossing development.
Here are the four Marx Realty leases brokered by a Cushman & Wakefield team of Remy Liebersohn and Bianca DiMauro. Asking rents range from $60 to $65 per square foot, Marx Realty said.
- Portlus, a division of U.K.-based fashion brand Threads Styling, will take 2,133 square feet on the seventh floor at 135 Bowery and was represented by Tom Kelly at Square Foot.
- JO Entertainment, operator of high-end nightclubs, signed a 1,657-square-foot lease on the eighth floor at 135 Bowery and was represented by Harrison Katzman of Savitt Partners.
- Creative firm Something Special Studios will take 3,300 square feet on the sixth floor at 161 Bowery and was represented by Eli Someck of Redwood Property Group.
- Magna Digital will take 3,300 square feet of space on the seventh floor at 161 Bowery and was represented by Jason Majlessi at Venture Commercial NYC.
Marx Realty’s Bowery Portfolio on Manhattan’s Lower East Side
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily properties across the United States, announced it has signed four new leases across its Bowery portfolio, which includes 135 and 161 Bowery. The firms, ranging from creative to entertainment and tech entities, signed a total of 10,300 square feet of new leases at the Lower East Side buildings.
“Technology, advertising, media and information companies have been flocking to this vibrant neighborhood for its dynamic built-in amenities,” said Craig Deitelzweig, CEO of Marx Realty. “And, while the neighborhood is sought after for its authentic New York City vibe, the buildings themselves are among the most distinctively designed in the area with unusually high ceilings and contemporary office suites. The leasing velocity here is a perfect representation of the flight to quality underway in the office sector.”
A Cushman & Wakefield team of Remy Liebersohn and Bianca DiMauro signed the following firms, with asking rents ranging from $60-65 per square foot:
- Portlus, Inc., a division of UK-based fashion brand Threads Styling, will take 2,133 square feet on the seventh floor at 135 Bowery and was represented by Tom Kelly at Square Foot.
- JO Entertainment, operator of high-end nightclubs, signed a 1,657-square-foot lease on the eighth floor at 135 Bowery and was represented by Harrison Katzman of Savitt Partners.
- Creative firm Something Special Studioswill take 3,300 square feet on the sixth floor at 161 Bowery and was represented by Eli Someck of Redwood Property Group.
- Magna Digital Inc.will take 3,300 square feet of space on the seventh floor at 161 Bowery and was represented by Jason Majlessi at Venture Commercial NYC.
These new tenants join a number of creative and tech firms including entertainment and popular culture news website UPROXX, social media giant Kik Interactive, advertising firm Space 150, and multinational educational startup Brainly.
Built in 1920 and redeveloped in 2016, 161 Bowery is a seven-story building with street-level retail and 25,000 square feet of office space. Well-appointed suites boast 12’ ceiling heights, open floorplates, and direct fiber-optic connectivity. Welcoming in-suite cafes and exposed ceilings exude an industrial sensibility that mimics the aesthetic of the surrounding neighborhood while oversized operable windows allow for ample natural light and expansive city views. 135 Bowery is a newly built, eight-story building with 23,000 square feet of space, street-level retail and offices on floors two through eight. Built in 2016, the modern building includes private terraces on two of its floors as well as high-speed data connectivity and an attractive lobby. The entrance of the building displays artwork by Brian Farrell. Marx Realty acquired 135 and 161 Bowery Street on Manhattan’s Lower East side in 2018 as part of the company’s strategy to expand its commercial real estate portfolio.
The buildings are located in a coveted enclave of downtown Manhattan and will soon be home to a new Moxy Hotel opening at 145 Bowery. 135 and 161 Bowery are proximate to several iconic areas including Nolita, the East Village, and SoHo and are a few steps away from the historic Sara D. Roosevelt Park as well as multiple restaurants, hotels, boutiques, and museums. The neighborhood is served by multiple bus stops as well as MTA subway stations serving the B, D, F, M, J, Z, and 6 trains.
Marx Realty Adds Quartet of Tenants at Bowery Offices
Marx Realty has secured four new leases across its Bowery portfolio, which includes 135 and 161 Bowery. The firms, ranging from creative to entertainment and tech entities, will occupy a total of 10,300 square feet at the Lower East Side buildings.
A Cushman & Wakefield team of Remy Liebersohn and Bianca DiMauro signed the following firms:
- Portlus, Inc., a division of UK-based fashion brand Threads Styling, will take 2,133 square feet at 135 Bowery and was represented by Square Foot’s Tom Kelly.
- JO Entertainment, operator of high-end nightclubs, signed a 1,657-square-foot lease at 135 Bowery, represented by Harrison Katzman of Savitt Partners.
- Creative firm Something Special Studioswill take 3,300 square feet at 161 Bowery and was represented by Eli Someck of Redwood Property Group.
- Magna Digital Inc.will take 3,300 square feet at 161 Bowery and was represented by Jason Majlessi at Venture Commercial NYC.
Marx Realty secures 76,500 s/f in leases at 545 Madison
August 23, 2022 – Front Section
Manhattan, NY Marx Realty (MNPP) signed 76,500 s/f of new and extended leases at 545 Madison. A Cushman & Wakefield team led by Tara Stacom represented Marx in each of the following transactions and asking rents ranged from $84-101 per s/f:
• Vialto Partners signed a new lease for 8,000 s/f on the 14th floor. David Dusek of Cushman & Wakefield represented the tenant.
• Qurate Retail Group extended its lease across two floors comprising 12,000 s/f. Ramsey Feher of CBRE represented the tenant.
• Ogden Capital recommitted to 42,000 s/f occupying the entire 7th floor. There was no tenant broker.
• Corniche Growth Advisors signed a new lease for 6,500 s/f on the 8th floor. Corey Horowitz and Jonathan Tootell of SquareFoot represented Corniche Growth Advisors.
• A private equity firm signed a new lease for 8,000 s/f at 545 Madison. Paul Glickman and Kristen Morgan of JLL represented the tenant.
Marx Realty took control of the building in December 2019 with occupancy at 68%, and in danger of approaching 40%. The firm immediately began infusing the space with its signature hospitality aesthetic completing renovations of the lobby, façade and two pre-built office suites. Construction is also underway on a club-like lounge space on the 8th floor – branded the Leonard Lounge – as part of the $7 million repositioning at 545 Madison.
“When we took control of 545 Madison, we wasted no time in planning and executing a hospitality-rich renovation to transform the space into one of the most sought-after office properties in Manhattan,” said Craig Deitelzweig, president and CEO of Marx Realty. “Leasing velocity and demand at 545 Madison has far exceeded any reasonable expectations and proves the flight to quality is very real. In fact, there were existing tenants who had one foot out the door before we shared our plans. Existing tenants finalized extensions based on our strong reputation in the sector and we completed construction swiftly, even in the face of a global pandemic. The value of speedy and distinctive office building redesign is immeasurable.”
The top-to-bottom renovation at 545 Madison – including a reimagined lobby, sleekly styled pre-built office suites and, coming soon, a 7,000 s/f indoor/outdoor club space – offers a contemporary experience that transcends the commodity office tower experience. Marx Realty reinvented the lobby space at 545 Madison by infusing it with warm materials and soft curves while a uniformed doorman attends the entry doors leading to a space replete Marx’s signature scent, sophisticated mood music and soothing lighting to round out the sensory experience. A variety of seating options and a well-stocked library of finance, fashion and design books help create a sense of community in the building.
“Marx has set a new benchmark for the office experience,” said Deitelzweig. “As leasing velocity across our portfolio remains incredibly strong, it’s clear that tenants have a true appreciation for this remarkable aesthetic and truly special spaces as the workforce returns to in-person work.”
The club space will be branded the “Leonard Lounge” and is a strong differentiator for tenants. The inviting lounge space, reminiscent of a members-only club, will include a ceiling suspended fireplace, bar seating overlooking a 2,000-square-foot landscaped terrace and a 40-seat boardroom. The Leonard Lounge will provide tenants the option to work by day or unwind with an evening cocktail in a space outside of the traditional office setting. Intimate seating options, warm walnut wood and bronze finishes and Marx Realty’s signature scent will punctuate the hotel-like experience while a café with built-in appliances will afford tenants the ability to host catered events. And, in connection with each new lease, as part of its continuing efforts to foster a healthy environment, Marx will plant three new trees in the local community.
David Burns and Kristin Kaiser of Studios Architecture worked with Marx Realty’s in-house design team to reimagine the lobby and amenity spaces at 545 Madison.
Additional tenants at 545 Madison include private equity firm Snow Phipps, Strike GTS and top-tier wealth management companies.
https://nyrej.com/marx-rlty-secures-76-500-s-f-in-leases-at-545-madison