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February 22, 2022
Yonkers, NY Marx Realty, an owner, developer and manager of office, retail and multifamily property across the U.S., has finalized a 10-year, 40,000 s/f lease at Cross County Center with SUNY Westchester Community College (SUNY WCC). The college will occupy the third floor of the new Target building and is expanding its footprint at Cross County Center by 30,000 s/f to allow for more extensive classroom operations, including additional degree and certification programs, at the Center.
The 1.15 million s/f Cross County Center is jointly owned by Marx Realty and Benenson Capital Management and was one of the first open-air shopping centers in the U.S.
“Cross County Center has always been so much more than a top shopping destination,” said Craig Deitelzweig, president and CEO of Marx Realty. “We are committed to a future-focused approach that fills a need in the region for an entertainment and lifestyle destination.”
with offerings that range from dining and entertainment to traditional retail spaces. We are thrilled to see existing tenants such as SUNY Westchester Community College committing to a long-term presence that will ultimately bring added foot traffic to the Center while providing much-needed services to the community.”
This expansion comes a year after Marx Realty revealed Target’s 40-year, 130,000 s/f lease, one of the largest retail leases in the tri-state area in 2020. Target at Cross County will be the retailer’s first location in the city when it opens in late 2022 and, together with the SUNY WCC expansion, is part of a multi-phase plan focused on furthering the center’s ‘town square’ concept, creating safe, healthy, and dynamic spaces for residents and visitors from the Tri-State area and beyond.
“Retailer confidence in Cross County Center is bolstered by our efforts to bring a diverse mix of tenants to the location and provide an environment designed for success well into the future,” said Jim Stifel, chief investment officer of Benenson Capital. “We are committed to giving both tenants and visitors an experience like none other and offering a wide variety of shopping, dining and entertainment options to maintain the high levels of foot traffic we experienced even as the nation was just emerging from the pandemic.”
The outdoor lifestyle center is located at the intersection of Cross County Parkway and I-82, attracting over 14 million visitors annually from the tri-state region. Cross County Center has attracted many of the top names in retail and dining including the first Shake Shack and only Zara location in the county.
Cross County Center has seen a flurry of new and expanded leases in the last year. Topping the list of tenants is Forever 21 which signed a 29,720-square-foot lease while A?X Armani Exchange signed a 7-year renewal for their 5,025-square-foot space in the center. Additional firms re-committing to Cross County include fashion brands Express and American Eagle, with 8,330-square-foot and 7,340-square-foot renewals respectively; an 810-square-foot lease for Cohen’s Fashion Optical; a 1,832-square-foot lease with Five Guys; and a 375-square-foot lease for local dessert shop favorite Cookies’N’Cream. H&M also signed a 10-year lease renewal to occupy 28,000 square feet where the retailer has incorporated its urban SOHO concept and is invested $5 million in the location.
“Foot traffic at the center remained robust even as the nation in general, and the retail sector more specifically, were recovering from the pandemic,” said Deitelzweig. “The open-air experience combined with the diverse tenant mix and our vision for the future of this asset have caught the eye of major retailers, eateries and experiential users and we are in negotiations with several well-known brands who are keen on planting a flag at Cross County. We are confident that the evolution of Cross County Center will serve as a benchmark for the future of brick-and-mortar retail.”
Marx Realty Acquires 110K-SF DC Office Building for $27M
February 14, 2022
By: Lisa McDuffie
Marx Realty has acquired the office building located at 2121 Wisconsin Avenue NW in Washington, DC for a reported $27 million. According to public records, the property’s most recent owner was JBG Smith.
The 110,000-square-foot building was built in 1960 and renovated in 2000 with the addition of a new lobby as well as elevator modernization, cab renovation and a roof rehabilitation.
Marx Realty was attracted by the building’s tenancy, including two TV broadcasting stations as this sector is particularly attractive to today’s owner/operators, noted the company.
“We firmly believe in the strength of the DC office market, and this is a solid asset for our portfolio given the building’s terrific ceiling heights and column spacing,” said Craig Deitelzweig, president and CEO of Marx Realty. “Throughout the District, and really across the country, we’re seeing a flight to quality that supports tenant confidence in a return to in-person work in some form, and we’re looking to expand our DC portfolio.”
This Week’s D.C. Deal SheetFebruary 11, 2022
By Jacob Wallace
New York-based Marx Realty acquired its second D.C. property since the pandemic began, acquiring an office building at 2121 Wisconsin Ave. NW in a $27.7M deal. The six-story, 110K SF office building is anchored in part by Nexstar Media Group, which recently expanded its footprint to nearly 29K SF. The building was built in 1960 and renovated in 2000. Marx said it was attracted by the strong tenancy and location in the Georgetown/Glover Park neighborhood. Drew Flood of Cushman & Wakefield represented the seller, JBG Smith, in the sale and Jack Kraus, Paul DiCarlo and Nick Romanoff of Marx represented the buyer, Commercial Observer first reported.
PODCAST: How Office Owners Are Trying To Make Us Fall In Love With The Workplace AgainBisnow’s audio series, Bisnow Reports, examines every facet of the international commercial real estate industry — from the murky future of retail and office to real estate’s reckoning with diversity to the effects of climate change on the built world, and so much more. You can subscribe on iTunes, Spotify and Amazon Music, or scroll down to listen in your browser.
Landlords are under pressure to make their offices more appealing than employees’ homes.
The nation’s office owners are engaged in a serious courtship right now, hoping to woo the most important people in their life: their tenants.
This Valentine’s Day on Bisnow Reports, we are talking about the diminished allure of the office and how landlords are working to rekindle the spark to encourage workers to come back to their desks.
“The romance of the office is really no different than any other romance in life. It’s about making connections that create an emotional response,” said Lindsay Ornstein, the co-founder of OPEN Impact Real Estate. “For all of the efficiencies and ease of technology and working from home, you cannot replicate the people component of work.”
That hasn’t moved most people. Occupancy, while climbing, remains low: In the last week of January, office occupancy in the biggest U.S. office markets was 33%, according to Kastle Systems. The pressure is on landlords to create an environment that is better than what an employee could create at home.
“We want our office space to have those special moments and special places that you can kind of cuddle up and have your cappuccino in the morning,” Marx Realty CEO Craig Deitelzweig says on the podcast. “Those are kind of words that you wouldn’t necessarily hear 10 years ago in office space: sexy or moody.”
New York rehabber buys Glover Park office building
February 10, 2022
By Tristan Navera
A lot of real estate transactions cross our desks at the Washington Business Journal. We can’t devote full stories to them all, but some deserve to be on the record. Welcome to Deal Dash.
Glover Park building next up for New York rehabber
BG Smith owns the six-story, 110,000-square-foot 2121 Wisconsin Ave.
Marx Realty, the New York-based company most recently known for renovating 1307 New York Ave. NW downtown, has a new project. It recently bought the six-story, 110,000-square-foot office building at 2121 Wisconsin Ave. NW for $27.7 million from JBG Smith Properties (NYSE: JBGS), according to public records.
The building was built in 1960 and most recently renovated in 2000. Marx said it was attracted to the tenants there — NexStar Media Group, the major tenant, recently signed a lease for an additional 28,766 square feet on the third floor while language immersion school CommuniKids added 8,900 square feet. Marx, which undertook an extensive renovation of 1307 New York, didn’t go into detail on what its renovation plans would be for the Glover Park property, but said it’s been looking to expand its local holdings and that this was an attractive project given the “flight to quality” in the office world.
“This is a solid asset for our portfolio given the building’s terrific ceiling heights and column spacing,” said Craig Deitelzweig, president and CEO of Marx Realty. “We’ll continue to reimagine unique and special office assets with wide appeal for today’s discerning tenants.”
Marx Realty Acquires Georgetown Office Building in $28M DealFebruary 10, 2022
2121 WISCONSIN AVENUE
By Keith Loria
Marx Realty has acquired a 110,000-square-foot office building in Washington, D.C.’s Georgetown neighborhood for $27.7 million.
The company purchased the six-story building at 2121 Wisconsin Avenue from JBG SMITH.
“At Marx, we are always looking to acquire special properties that are uniquely differentiated,” Craig Deitelzweig, president and CEO of Marx Realty, told Commercial Observer. “We love that the building has incredibly high ceiling heights and great column spacing, which has real appeal to a wide variety of tenants — including the TV studios which recently expanded at the property.”
Deitelzweig was referring to Nexstar Media Group, which recently expanded its footprint in the building to 28,766 square feet, occupying the entire third floor and part of the first floor. Another tenant is CommuniKids, a language immersion preschool, which occupies 8,900 square feet on the first floor.
The property, which was acquired by JBG SMITH in 2011 for $21 million, was recently renovated and includes a new lobby, modernized elevators and a host of green features.
“We have been meeting with architects to further engage and enliven the building with Marx’s signature hospitality experience,” Deitelzweig said.
The annual vacancy rate in Glover Park has consistently stayed below the D.C. average over the past decade, according to analysis by Glover Park Main Street.
“The neighborhood also offers a wide assortment of restaurants, parks and conveniences, including a Trader Joe’s adjacent to the building which our tenants love,” Deitelzweig said. “We are seeing strong demand from potential tenants and we have already traded proposals with a great credit entity for all of the building’s remaining vacancy.”
Drew Flood of Cushman & Wakefield represented the seller in the sale, while the Marx team of Jack Kraus, Paul DiCarlo and Nick Romanoff handled things in-house for the buyer. Mark Wooters and James Collins of Cushman & Wakefield will market the property going forward.
The deal marks Marx’s second acquisition of a building in the District during the pandemic, having acquired The Herald, a 114,000-square-foot 1920s-era office building for $41 million in April 2020.
College leases 40K sf at ex-Sears in YonkersJanuary 24, 2022
SUNY Westchester Community College expanding at Cross County Center
SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
By Holden Walter-Warner
Sears may not be providing appliances to the next generation, but its former retail footprint could provide lessons instead.
Marx Realty announced Monday it finalized a 10-year, 40,000-square-foot lease with SUNY Westchester Community College at the Cross County Center in Yonkers. The lease marks a 30,000-square-foot expansion for WCC at the open-air shopping center.
The school previously used its limited space for classrooms and offices for professors. By increasing its real estate footprint, WCC will be able to expand to include new lab space and a design school, as well as additional degree and certification programs.
The school’s expansion takes it into the site of a former Sears location. It will occupy the third floor of the new Target building, set to open later in 2022.
A media representative on behalf of Marx Realty told The Real Deal the asking rent for the space was $65 per square foot.
January 24, 2022
Cross County Center, an outdoor retail and entertainment complex in Yonkers, New York.
By: Paul Bubny
Marx Realty has finalized a 10-year, 40,000-square-foot lease at Cross County Center with SUNY Westchester Community College (SUNY WCC). The college will occupy the third floor of the new Target building and is expanding its footprint at Cross County Center by 30,000 square feet to allow for more extensive classroom operations.
The 1.15-million-square-foot Cross County Center is jointly owned by Marx Realty and Benenson Capital Management and was the first open-air shopping center in the U.S. “Cross County Center has always been so much more than a top shopping destination,” said Craig Deitelzweig, president and CEO of Marx Realty. “We are committed to a future-focused approach that fills a need in the region for an entertainment and lifestyle destination with offerings that range from dining and entertainment to traditional retail spaces.”
This expansion comes a year after Marx Realty announced Target’s 40-year, 130,000-square-foot lease at Cross County.
January 24, 2022
Cross County Center, an outdoor retail and entertainment complex in Yonkers, New York.
By I-Chun Chen – Staff Reporter
SUNY Westchester Community College is expanding to 40,000 square feet of space at Cross County Center, an outdoor retail and entertainment complex, in Yonkers, New York.
Property owner and real estate developer Marx Realty said it has finalized a 10-year lease with the college, which is expanding its footprint at the center by 30,000 square feet to allow for more extensive classroom operations, including additional degree and certification programs. Westchester Community College will occupy the third floor of the new Target building at the center.
The expansion comes about a year after Marx Realty announced Target’s 40-year, 130,000-square-foot lease at the center, which Marx says was the largest retail lease in the tri-state area in 2020. The site, previously occupied by Sears, will be the retailer’s first location in Yonkers when it opens in late 2022.
Target at Cross County Center will be the retailer’s first location in Yonkers when it opens in late 2022.
The 1.15 million-square-foot Cross County Center is jointly owned by Marx Realty and Benenson Capital Management and was the first open-air shopping center in the United States, according to Marx Realty.
Cross County Center has signed several new and expanded leases in the last year. Forever 21 signed a 29,720-square-foot lease, and Armani Exchange signed a seven-year renewal for its 5,025-square-foot space in the center. Also renewing their leases at the center were Express, American Eagle, Cohen’s Fashion Optical, Five Guys and local dessert shop Cookies’N’Cream. H&M also signed a 10-year lease renewal to occupy 28,000 square feet where the retailer has incorporated its urban Soho concept and is investing $5 million in the location.
“Foot traffic at the center remained robust even as the nation in general, and the retail sector more specifically, were recovering from the pandemic,” Marx Realty President and CEO Craig Deitelzweig said in a statement. “The open-air experience combined with the diverse tenant mix and our vision for the future of this asset have caught the eye of major retailers, eateries and experiential users and we are in negotiations with several well-known brands who are keen on planting a flag at Cross County.”
Marx Realty just announced that private investment firm, Orangewood Partners, is relocating from 9 West 57th Street to the company’s newly renovated 545 Madison Avenue. Orangewood has signed a seven-year lease for a 10,000 s/f pre-built suite on the third floor of the Plaza District building. Ben Friedland and Taylor Scheinman of CBRE represented Orangewood while Marx Realty was represented by the Cushman Wakefield leasing team of Tara Stacom, Harry Blair, Peter Trivelas, Remy Liebersohn, Connor Daugstrop and Bianca Di Mauro. The asking rent was $87 psf.
“The workplace as we know it is continually being redefined and design details have become an extremely important part of the equation,” said Craig Deitelzweig, president and CEO of Marx Realty.
“The hospitality-infused office aesthetic we’ve pioneered across the country truly sets us apart from the competition and positions our assets for success as the flight to quality in the office sector is amplified by the market conditions and employers seeking to provide inspiring and welcoming spaces to attract and retain talent.”
A $7 million renovation at 545 Madison included a reimagined lobby, pre-built office suites and will ultimately boast a 7,000 s/f of indoor/outdoor club space on the 8th floor .
“Our strategy is, and always has been, about answering the demand for truly special office spaces that inspire creativity and speak to the ‘heart and soul’ of the occupying firms,” said Deitelzweig. “Brokers representing leading financial, media and technology firms continue to sing the praises of the signature hotel-like style we’ve brought to markets across the country including New York, Atlanta and Washington. They know that companies want to bring their employees back to a beautiful space.”
Plans for the club floor, branded the “Leonard Lounge” at 545 Madison include a ceiling- suspended fireplace, bar seating overlooking a landscaped terrace and a 40-seat boardroom to give tenants the option to work or unwind in a space outside of the traditional office setting. A café with built-in appliances give tenants the ability to host catered events in the lounge and Marx Realty’s signature scent will also infuse the amenity spaces. Additionally, Marx Realty’s proprietary Marx Connect software interface will be implemented to minimize physical interaction as the doorman and lobby personnel work in tandem to reduce the need for tenants and visitors to come in contact with surfaces as well as providing an easy flow into the building.
David Burns and Kristin Kaiser of Studios Architecture worked with Marx Realty’s in-house design team reimagine the lobby and amenity spaces at 545 Madison. OTJ Architects, along with Marx Realty’s in-house design team, created the pre-built suites on the third and fourth floors. Additional tenants at 545 Madison include corporate offices of Snow Phipps, Home Shopping Network, Strike GTS and top-tier wealth management companies.