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July 15, 2020
Health-Conscious Salad Chain Sweetgreen and Italian Luxury Brand Eleventy To Open First Locations in Connecticut
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced that their in-house team has signed health-conscious salad chain Sweetgreen and Italian luxury clothing brand Eleventy to new locations at Marx Realty’s building on 98-102 Greenwich Avenue in the affluent town of Greenwich, Connecticut. Sweetgreen signed a 10-year, 3,100-square-foot lease while Eleventy signed a short-term, 2,125-square-foot lease. Both brands will benefit by opening their first Connecticut locations on the most desirable retail shopping destination in Connecticut.
Marx Realty was represented in-house by Henry Henderson on both deals, vice president of leasing. Sweetgreen was represented by Jacqueline Klinger of The Shopping Center Group. Eleventy was represented by Davie Berke of JLL. Asking rent was $120 per square foot for both.
“We are thrilled to welcome both Sweetgreen and Eleventy to a fantastic new location in Greenwich,” said Craig Deitelzweig, President and CEO of Marx Realty. “On top of being surrounded by numerous national retailers along Greenwich Avenue, both properties are on a high-pedestrian traffic area and also offer the option to set up outdoor seating, especially key as we continue to navigate the ongoing COVID-19 pandemic.”
Marx Realty and Sweetgreen had previously signed a 3,500-square-foot lease in January for a new location at 10 Grand Central, a 35-story Ely Jacques-Kahn designed office tower located in the heart of Manhattan’s Midtown East neighborhood. Sweetgreen joined 10 Grand Central as Marx Realty was finishing the hospitality-infused redesign of the building, including a new façade, lobby, and a state-of-the-art lounge and terrace.
Sweetgreen chose to move forward with a second lease with Marx Realty as they believe the Marx team has strong design sensibility that aligns with its brand. Marx understands Sweetgreen’s specific needs and is in sync with today’s ever-changing consumer tastes. This location is expected to open late Summer.
Eleventy was looking to expand their presence in the east coast and into Connecticut. This short-term lease will enable them to set up a pop-up store in Greenwich with potential for becoming a permanent fixture in the area with a long-term deal. The Italian luxury brand’s new Connecticut store is officially opening on August 15th.
Sweetgreen was founded in 2007 as a destination for simple, seasonal, healthy food and currently operates in 100 locations throughout 10 states. The company’s mission focuses on inspiring healthier communities by connecting people to real food and maintaining an important link between growers and consumers while taking special care with its approach to design. As with all their locations, this new space in Greenwich will preserve and honor the look and feel of the building and will include an open kitchen aesthetic that reflects Sweetgreen’s commitment to transparency.
Also founded in 2007, Eleventydresses every person who aspires to self-improvement with tailored and responsible Italian elegance. The company is focused on creating beautifully constructed garments for men and women at reasonable prices, while introducing sustainability and ethics into its practices.
Salad, luxury apparel chains coming to Greenwich AvenueBy Kevin Zimmerman July 16, 2020
A pair of chain operations are opening their first Connecticut locations on Greenwich Avenue, according to Marx Realty.
Health-conscious salad chain Sweetgreen and Italian luxury clothing brand Eleventy respectively have signed a 10-year, 3,100-square-foot lease and a short-term, 2,125-square-foot lease at 98-102 Greenwich Ave.
Founded in 2007 and based in Culver City, California, Sweetgreen operates 100 locations in 10 states. It plans to open its new site in late summer.
In January, Marx Realty and Sweetgreen signed a 3,500-square-foot lease for a new location at 10 Grand Central in Manhattan.
Also founded in 2007 and based in Milan, with its North American headquarters in New York City, Eleventy plans to open a pop-up store in Greenwich with potential for becoming a permanent fixture in the area with a long-term deal. Its Greenwich store is officially opening on Aug. 15.
Marx Realty was represented in-house on both deals by Henry Henderson. Sweetgreen was represented by Jacqueline Klinger of The Shopping Center Group. Eleventy was represented by Davie Berke of JLL. Asking rent was $120 per square foot for both.
Wells Fargo Relocates Branch to Marx Realty’s 545 MadisonJuly 10, 2020
Marx Realty has signed a 10-year retail lease with Wells Fargo to occupy 4,700 square feet of retail space at its 545 Madison Ave. in Midtown’s Plaza District. Marx Realty was represented internally by Henry Henderson, while Wells Fargo was represented by CBRE’s Annette Healey.
“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.”
The financial services giant is relocating its branch from 540 Madison Ave., speaking for most of the ground-floor retail at 545 Madison. Marx Realty announced its $24-million repositioning of 545 Madison earlier this year after taking control of the 18-story office building in 2019.
Wells Fargo Signs 4,700 SF Retail Lease at Marx Realty’s 545 Madison Office TowerJuly 9, 2020
Marx Realty’s Planned Hospitality-Infused Repositioning Drives Demand for Retail Space at Plaza District Building
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced it has signed a 10-year retail lease with Wells Fargo to occupy 4,700 square feet of retail space at its 545 Madison property at 545 Madison Ave. in the Plaza District of Manhattan. 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. and the move represents a desire to align its brand with the dramatic hospitality-infused repositioning strategy pioneered by Marx Realty. Marx Realty announced its $24 million repositioning of 545 Madison earlier this year after taking control of the 18-story office building in 2019.
“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 hotel-like repositioning of 545 Madison – including two floors of pre-built office suites and a reimagined lobby, façade and entryway as well as 5,000 square feet of new amenities that represent the perfect combination of form and function as well as health and wellness – is a strong driver of asking rents for office space in the building, which are in the $87-115 range. A Cushman & Wakefield team led by Tara Stacom will manage leasing and marketing efforts for office suites at 545 Madison.
As part of the repositioning at 545 Madison, Marx Realty is programming materials such as brass and bronze and specialized fabrics that tend to be anti-microbial in nature, while the doorman and lobby personnel will work in tandem to reduce the need for tenants and visitors to come in contact with surfaces. These wellness attributes have been part of Marx Realty’s signature design style since 2018. Various mechanical upgrades are also under consideration as part of the plan to reposition this asset for a post-Covid-19 office world. 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 several investment firms and top-tier wealth management companies, including 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.
Marx Realty Announces $24 Million Renovation Of 545 Madison Avenue In MidtownBY: SEBASTIAN MORRIS MAY 28, 2020
Marx Realty has announced an extensive renovation project at 545 Madison Avenue to modernize the Midtown office building. The scope of work includes an overhaul of the lobby, creation of pre-built tenant suites on the third and 14th floors, and the construction of 5,000 square feet of new amenity spaces. According to representatives from the company, total construction costs for the project hover around $24 million and represent the growing demand for offices with hospitality-oriented amenities.
Plans for the lobby and entryway involve new marquee signage with neon lighting. The inside of the lobby will feature walnut wood and bronze finishes, fluted glass doors, and ambient music reminiscent of a hotel.
The new amenities spaces will span two floors and include a new club floor offering lounge space, a boardroom designed to accommodate 40 seats, a cafe, and a private terrace overlooking Madison Avenue. Various mechanical upgrades are also under consideration to help promote the health and wellness of both new and existing tenants.
David Burns of Studios Architecture is the lead designer working with Marx on the redesign of the lobby and creation of the amenity spaces. OTJ Architects will design the suites on the third and 14th floors. Cushman & Wakefield will serve as the exclusive leasing and marketing agent for the available suites.
“We pioneered the hospitality aesthetic in the office sector and know how to quickly execute a transformation that makes tenants feel like they are walking into a luxury hotel,” said Craig Deitelzweig, president and CEO of Marx Realty. “It starts at the front door by introducing a complete sensory experience and continues throughout the building with thoughtfully designed amenity spaces and common areas.”
May 7th, 2020
Marx Realty will implement a $24-million repositioning strategy after taking control of the 18-story office building at 545 Madison Ave. late last year. A Cushman & Wakefield team led by Tara Stacom will manage leasing and marketing efforts at 545 Madison.
“The success we’ve had in repositioning our asset at 10 Grand Central really punctuates the fact that today’s tenants will pay a premium for space in a building that offers its employees a package of beautiful places to spend their work days,” said Marx Realty CEO Craig Deitelzweig. “We intend to translate the top-to-bottom hospitality-like experience we created at 10 Grand Central to 545 Madison.”
Along with hotel-like amenities, Marx Realty has an eye on the post-pandemic world in its repositioning of 545 Madison. For example, it’s deploying programming materials such as brass, copper and specialized fabrics that tend to be anti-microbial in nature.
Betting Big on the Office BuildingMay 8, 2020
By: Liz Young
Millions of people across the U.S. have spent recent weeks working from home amid the coronavirus pandemic. Some CEOs — including Warren Buffett — have questioned what the demand for office space will look like in the future.
Yet Marx Realty CEO Craig Deitelzweig is confident this is the ideal time for a $24 million office building repositioning in Midtown Manhattan. From his own experience, he’s ready to get back to the office, and he believes others will be, too.
“Right now, everyone is rethinking what they want in their office experience, and by the time we complete this construction, the property will be ready and people will be ready to reinvigorate and get back to work,” Deitelzweig said.
Marx Realty — a property owner, developer and manager based in New York — is planning the renovations at its 18-story office building at 545 Madison Ave. The firm took control of the property, between East 54th and 55th streets, late last year.
The renovations will include two floors of pre-built office suites and a new lobby and entrance. Asking rents are in the $87 to $115 range, according to a press release.
Tara Stacom of Cushman & Wakefield will lead the team managing leasing and marketing at the property.
The idea is to bring hotel-like finishes into the office building, using warm wood tones, for example. Marx Realty did a similar renovation of its office building 10 Grand Central at 155 E. 44th St.
Creating a hospitality vibe includes playing mood-setting music and having a signature scent in spaces throughout the building. Deitelzweig said tenants believe the office space will help them recruit talent.
The entrance and lobby will resemble a boutique hotel, including a marquee and neon signage by an artist in Brooklyn. The renovation will also add a club floor with a lounge, terrace, boardroom and café.
Marx has made some tweaks to the project to ready the office space for the post-pandemic era.
The building will use materials like brass, copper and specialized fabrics that are antimicrobial. Its doormen and lobby personnel will work to keep employees and visitors from needing to touch anything. Marx Realty will use its software that allows tenants and visitors to check in with their phones.
Architect David Burns of Studios Architecture is designing the lobby and amenity areas. OTJ Architects is working on the pre-built suites on the third and 14th floors.
The renovations are expected to be completed by the end of the year, depending when construction can start.
545 Madison is 77% leased currently, Deitelzweig said, with some tenants that have rolling leases. One tenant has already renewed and expanded its lease.
Financial software and applications developer Strike Technologies — and its subsidiary Global Trading Systems — signed a five-year, 25,000-square-foot lease renewal and expansion. The offices include space on the 15th, 16th and 17th floors. The asking rent was $95 per square foot.
Other tenants include Home Shopping Network’s corporate offices, investment firm Permanens Capital and wealth management companies.
Marx is working with two more tenants to re-up their leases, Deitelzweig said.
He expects companies ranging from private-equity hedge funds to businesses in the fashion and creative industries will be interested in leasing space at the property.
After the pandemic, he expects there may be more demand for office space.
Marx Realty unveils post-COVID-19 plan for 545 MadisonDeitelzweig believes companies that share desks and offices may want to move away from that model. He said he’s been talking with tenants at coworking spaces that are interested in leasing 5,000-to-7,000-square-foot offices at 10 Grand Central. And existing tenants may want to expand their footprints.”We do think that tenants will long term decide that they do want to have a little more elbow room, so they will want to take more space,” he said.
May 6, 2020
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.
Landlords are overhauling their buildings to prioritize sanitary features
TRD NEW YORK / By Lois Weiss May 6, 2020
Thermal cameras, bacteria-fighting HVAC systems and contactless coffee machines. Welcome back to the office – you may not recognize it.
As New Yorkers gear up to go back to work, landlords are scrambling to cater to a totally different set of priorities. Over the past few years, office spaces have been designed to maximize social interaction. Now, however, minimizing risk of spreading disease is the first order of business.
Marx Realty, which has been planning a $24 million overhaul of 545 Madison Avenue, tweaked plans to include features such as antimicrobial materials. The firm, which owns the fee interest in the property, recently took back the operating lease from Joseph Sitt’s Thor Equities.
The design for the lobby and the entryway along with the retail facades will be swapped to warm brushed brass and bronze with curved features, walnut panels and golden lighting. And, of course, a touchless Purell dispenser.
“What’s important about this Covid world is that people still feel comfortable and it feels warm and inviting when they enter the building, especially after being on the trains and buses and walking in their masks,” said Craig Deitelzweig, CEO of Marx Realty. “Everyone wants a hospitality feel but now they will work together, six feet apart.”
Marx has also talked to tenants about using building entry protocols such as thermal screening. Pre-authorized visitors would be notified that they will be subject to such screening.
Some security experts have questioned the efficacy of such technology because some cameras don’t work as well as others.
“I’m not so much worried about getting pulled out of line and checked for a fever that I don’t have,” Lewis Burns of Shen Milsom & Wilke, which provides security plans for large organizations, wrote in a recent post on the company blog. “However, I am genuinely concerned about the businesses and governments using technology that isn’t precise, creating a false sense of security.”
At 545 Madison, touchpoints that could transfer the virus will be eliminated where possible. For instance, a doorman will open the doors while personal phones will control elevators through Marx’s proprietary software. Vornado Realty Trust similarly has its own phone app for turnstiles, the real estate investment trust’s Vice Chairman David Greenbaum said on its Tuesday conference call.
OTJ Architects is designing the pre-built suites on the third and fourteenth floors of 545 Madison with rents at $87 and $115 per foot respectively, which will open directly from the elevator onto the full floor – thus avoiding another door, according to Deitelzweig. Tara Stacom at Cushman & Wakefield is leading leasing at the building.
“We think tenants will be more inclined to move or add space as they won’t want employees to be so densely populated,” said Deitelzweig. “They will begin rethinking their space, so it’s an opportune time to do [these pre-builts].”
Lobby couches and chairs are being covered in cozy velvety cloth – but is designed to be easily cleaned as will the coverings for the furniture on the club floor.
“You may see companies begin to use more furniture that was intended for healthcare spaces because those products were designed to be more easily and reliably sanitized,” said James Keenoy, president of the Westfield, New Jersey-based furniture procurement specialist Farrell Flynne.
While some owners and tenants will change interior layouts to accommodate social distancing, others will incorporate more automated technology – some of which Keenoy warns can be cumbersome and expensive.
Marx Realty is researching adding ultraviolet light inside HVAC systems. Air-handling devices such as Atmos Air are being deployed in many buildings, the company said, as its bipolar ionization system attacks bacteria and viruses in the office air, rather than waiting for them to be pulled through filters. Vornado CEO Steve Roth said the company is also exploring different air handling systems, including ionization technology because they are “not costly.”
Keenoy said owners are also looking for ways to rejigger collaborative spaces into ones more appropriate for social distancing. Staffers may suddenly want cubicles with tall panels rather than pre-Covid open benches or ask for receptionist-like desks that put them in the middle of a wide circle.
“I drew a six-foot circle around every person and calculated how many people could fit in a space to see if a company would have to take more space,” said Dan Montroy of Montroy DeMarco Architecture.
What he found was that in a space he had already designed for 30 people, about 16 to 20 people could work in such an office at one time but it doesn’t mean they will need to lease larger digs.
“In a lot of cases, it’s a net wash for the space,” he explains, because some employees will still opt to work from home or stagger hours.
“Will you ask them to get on mass transit to come to a conference room?” Montroy wonders. “Does it make any sense to do that and what can we physically do to plan for that?”
Ways to deter virus contact in offices will also be tackled by scientists at The Well Living Lab, a lab partnership between Delos and the Mayo Clinic that is adjacent to the latter’s Rochester, Minnesota campus.
Here, sensors will be able to track and evaluate designs geared towards mitigating and repelling the transmission of the virus in office settings.
Both Cushman & Wakefield and Hines will contribute workspace and workforce strategies to the effort and later test these Well Living Lab concepts in their own offices and at the Delos headquarters in New York.
The researchers will be looking at ways to reduce air particulates, decontaminate surfaces, study how people interact and accomplish physical distancing, and also measure employee performance and satisfaction with the setups.
Influencers in RetailMARX REALTY PROPERTY MANAGEMENT TEAM
Co-owned and managed by Marx Realty, Cross County Shopping Center’s property management team works to strategically remerchandise and elevate the retailer and guest experience throughout the Westchester County, NY property. The team, led by senior manager of property management Carl Calabro, senior manager of marketing Liz Pollack, operations manager Jamie Cekai and senior director of leasing, Mark Utreras, works to drive experience, sustainability and convenience at the center, which celebrated its 65th anniversary last year as one of the nation’s original outdoor shopping destinations. Implementing a multi-year strategic plan to drive revenue and occupancy through activated common areas, the team maintains a robust schedule of traffic-driving events, family-friendly amenities and digital attractions to ensure success. Delivering unique spaces and immersive experiences, including a pop-up ice-skating rink and a food truck market, the team continues to differentiate the destination during the ever-evolving retail landscape.
Working to diligently to maximize income through rent opportunities, business development revenues, reduced expenses and increased operational efficiencies, the team’s efforts have resulted in a 10% net operating income increase since 2016. While managing retailer relationships, the team accommodates the center’s nearly 11 million annual visitors by finding ways to increase gross leasable areas, such as back of house and lower-level space. The leasing team also works to de-lease where possible while adding fresh in-demand retail options. The team additionally converted more than 300 parking lot light-pole fixtures and 40 truck tunnel lights to LED fixtures, resulting in $193,000 in cost savings. Increasing sales, attracting attendees, growing social media impressions and generating sponsorship income through the creation and execution of various programs and advertising campaigns, the team has received a number of prestigious awards for its efforts with the center.