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Marx 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
Real Estate Firm Ogden CAP Renews 42K-SF Midtown Offices
The real estate arm of the Milstein family, Ogden CAP Properties, will stick with its 42,000-square-foot offices at 545 Madison Avenue, Commercial Observer has learned.
Ogden inked a three-year deal for the third through sixth floors of the 18-story Marx Realty building, extending its lease until 2027, according to Craig Deitelzweig, president and CEO of Marx. Asking rents at the property between East 54th and East 55th streets range from $84 to $101 per square foot.
Ogden CAP Properties, which has the largest footprint in the 140,000-square-foot building, owns a huge swath of luxury residential properties across Manhattan. Ogden first moved to just 27,000 square feet in 2012, where it has managed the real estate empire of the late brothers Seymour and Paul Milstein ever since. It’s unclear when the company expanded to its current footprint.
The two Milsteins invested in buildings in Harlem, the Upper West Side and Battery Park beginning in the 1960s, becoming one of the biggest real estate names in the city. Ogden is now run by siblings Philip and Constance Milstein.
Ogden’s deal was one of five recently signed in the building, which Marx assumed control of in 2019 after evicting Thor Equities from its ground lease. Marx spent $10 million to renovate the property, which convinced some tenants with “one foot out the door” to stay, Deitelzweig said.
“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,” Deitelzweig said.
Among those staying include Home Shopping Network’s (HSN) parent company, Qurate Retail Group, which signed a two-year extension for its 12,000-square-foot office and filming space on part of the 17th and 18th floors, Deitelzweig said.
HSN, which Qurate bought in 2017, moved to the tower’s glass-encased penthouse in 2009 to hawk its tracksuits, night creams and makeup on television, CO reported.
Other recent deals include Vialto taking 8,000 square feet for its first New York offices. Consultants Corniche Growth Advisors will slightly expand from its nearby 551 Madison Avenue to 6,500 square feet at 545 Madison Avenue, Deitelzweig said.
Cushman & Wakefield’s Tara Stacom, Peter Trivelas, Harry Blair, Justin Royce, Connor Daugstrup, Bianca Di Mauro and Remy Liebersohn brokered all five deals for Marx.
CBRE’s Ramsey Feher represented Qurate while Ogden had no brokers. CBRE declined to comment, and C&W did not immediately respond to a request for comment.
545 Madison Drives Occupancy to 100 Percent
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced today it has signed 76,500 square feet of new and extended leases at 545 Madison. Marx Realty took control of the building in December 2019 with occupancy at 68 percent, and in danger of approaching 40 percent. 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.”
A Cushman & Wakefield team led by Tara Stacom represented Marx in each of the following transactions and asking rents ranged from $84-101 per square foot:
- Vialto Partners, a spinoff of Price Waterhouse Coopers, signed a new lease for 8,000 square feet on the 14th floor. David Dusek of Cushman & Wakefield represented the tenant.
- Qurate Retail Group (formerly HSN) extended its lease across two floors comprising 12,000 square feet. Ramsey Feher of CBRE represented the tenant.
- Ogden Capital, the largest tenant at 545 Madison, recommitted to 42,000 square feet occupying the entire 7thfloor. There was no tenant broker.
- Corniche Growth Advisors signed a new lease for 6,500 square feet on the 8th floor of 545 Madison, where the new club lounge will come to life in the coming months. Corey Horowitz and Jonathan Tootell of SquareFoot represented Corniche Growth Advisors.
- A well-known private equity firm signed a new lease for 8,000 square feet at 545 Madison. Paul Glickman and Kristen Morgan of JLL represented the tenant.
“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 top-to-bottom renovation at 545 Madison – including a reimagined lobby, sleekly styled pre-built office suites and, coming soon, a 7,000-square-foot 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.
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.
Marx Realty Renovates 545 Madison into Pandemic-Era Repositioning Success
Marx Realty‘s 545 Madison Ave. in Midtown Manhattan stacks up as a pandemic-era repositioning success story. The New York-based owner-developer acquired the property in December 2019 with occupancy at 68% and in danger of falling to 40%. With 76,500 square feet of new and extended leases, 545 Madison is now 100% occupied.
“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.”
A Cushman & Wakefield team led by Tara Stacom represented Marx in each of the following transactions:
- Vialto Partners, a spinoff of PriceWaterhouseCoopers, signed a new lease for 8,000 square feet, represented by Cushman & Wakefield’s David Dusek.
- Qurate Retail Group extended its 12,000-square-foot lease, represented by CBRE’s Ramsey Feher.
- Ogden Capital, 545 Madison’s largest tenant, recommitted to 42,000 square feet. There was no tenant broker.
- Corniche Growth Advisors signed a new lease for 6,500 square feet , represented by Corey Horowitz and Jonathan Tootell of SquareFoot.
- A well-known private equity firm signed a new lease for 8,000 square feet, represented by JLL’s Paul Glickman and Kristen Morgan.
Chick-fil-A hatching in Midwood
July 20, 2022
Brooklyn location will be company’s first ground-up location in NYC.
Chick-fil-A is reinventing its New York City retail menu, attempting its first ground-up development in the city.
The fast food chain signed a 20-year, 6,000-square-foot lease at 1573 Flatbush Avenue in Brooklyn’s Midwood location, the New York Business Journal reported. The site is owned by Marx Realty.
The asking rent for the lease wasn’t disclosed, but the outlet noted rents in the area tend to fall between $90 and $125 per square foot.
The site houses a three-story office building, which will be demolished to make way for Chick-fil-A. It’s not clear when the location will open, but it can’t be soon enough for a company recently recognized as the nation’s favorite fast food chain.
Marx Realty Signs Chick-Fil-A to First Standalone NYC Location
July 19, 2022
Marx Realty (MNPP), has signed a 20-year, 6,000-square-foot ground lease with Atlanta-based Chick-fil-A. The existing three-story office building at 1573 Flatbush Ave. in the Midwood section of Brooklyn will be demolished for the fast-food restaurant to build its first ground-up, standalone New York City outpost.
“The site proved to be a more attractive long-term option for a retail food use and we’re excited to partner with this very popular restaurant group,” said Craig Deitelzweig, president and CEO of Marx Realty. “The Chick-fil-A store will bring a renewed energy to this bustling neighborhood with this first ground-up New York City location.”
Marx Realty was represented in-house by VP of leasing Henry Henderson and by Michael Friedman of Inline Realty. Jeremy Ezra of Newmark represented Chick-fil-A, which previously opened an inline Brooklyn location in 2019. Most of the chain’s dozen-plus New York City locations are in Manhattan.