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November 16, 2018
AtlantaINtown.com
By Collin Kelley
New York-based Marx Realty has announced plans to modernize the 1920’s era Art Deco building at 207 Peachtree Street in Downtown that was once home to Regenstein’s Department Store.
The $10.5 million overhaul is expected to keep the building’s design elements while creating a new 48,000 square-foot office and retail space within. The structure will be known as The Department Building.
The renovated building will feature 18-foot high, terra cotta barrel vaulted ceilings, fluted columns, and original wood floors. A new rooftop deck will offer views up and down Peachtree Street and the distant Stone Mountain. The redesign is being managed by local design firm ASD | SKY.
Marx Realty also announced that marketing and leasing for The Department Building is being managed by a JLL team led by Jeff Belamy and Liz Koteles.
“The Department Building will appeal to users in the 5,000 – 30,000 square feet range seeking efficient, creative office space in a unique environment with immediate access to MARTA and significant surrounding amenities” according to Jeff Bellamy, Managing Director with JLL.
“Buildings with this type of character are in high-demand in Atlanta and rarely exist,” says developer
The latest effort to lure creative office users downtown will involve a $10.5-million Peachtree Street renovation that pays homage to a historic building’s architecture and original purpose, developers say.
New York-based Marx Realty has announced plans for the modernization and rebranding of 207 Peachtree, a 1920s building at the southeast corner of Andrew Young International Boulevard and Peachtree Street.
Originally the downtown location of popular Regenstein’s Department Store, a purveyor of top-shelf fashion, the mostly empty structure will be renamed The Department Building.
Plans call for retaining the exterior’s Art Deco flourishes while adding 48,000 square feet of creative offices and a rooftop amenity with views spanning from Hard Rock Cafe across the street to Stone Mountain. (Downtown’s Hooters occupies a Peachtree storefront but a different address).
Future office tenants can expect a functional lobby area, 18-foot ceilings, fluted columns, and original wood floors, officials say.
“Buildings with this type of character are in high-demand in Atlanta and rarely exist,” Craig Deitelzweig, Marx Realty president and CEO, said in a press release.
The project is being managed by local design firm ASD | SKY.
The firm’s Atlanta projects have included Skyline Park at Ponce City Market and the Olympia Building’s painstaking resuscitation downtown.
The revamped 207 Peachtree building could suit a single large tenant or smaller outfits needing as little as 5,000 square feet. Developers are emphasizing its proximity to MARTA’s Peachtree Station, the Connector, and “abundant parking.”
Plans for The Department Building echo several adaptive-reuses of older buildings in surrounding blocks in post-recession downtown, including the Flatiron Building (now FlatironCity), the Switchyards project, and Auburn Avenue’s Constellations.
Rebranded as The Department Building, the property will offer 48,000 square feet of modern creative office space with historic design features.
GlobeSt.com
By Steve Lubetkin | October 31, 2018 at 05:30 AM
ATLANTA, GA—Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, is undertaking a $10.5 million modernization and repositioning of 207 Peachtree in Atlanta, GA. Marx says its plan keeps the historic building envelope and beautiful Art Deco design elements while creating a new 48,000 square-foot office and retail space within.
In tandem with the renovation plans, Marx Realty plans to reintroduce the historic structure as The Department Building. Originally built in the 1920s, the building was first occupied by Regenstein’s Department Store, a favorite among locals and one of Atlanta’s go to for high-quality fashion. The renovated building will feature 18-foot high ceilings, terracotta barrel vaulted ceilings, fluted columns, and original wood floors. The building also offers expansive loft style floorplates, oversized windows, and a one-of-a-kind rooftop amenity with unobstructed views up and down Peachtree Street and of Stone Mountain. The redesign is being managed by local design firm ASD | SKY.
“Marx Realty is thrilled to announce the reintroduction of the historic Department Building,” says Craig Deitelzweig, president and CEO of Marx Realty. “While maintaining its beautiful original detail and timeless architecture, the dramatic enhancements will welcome a new generation of creative office users to the space, making this a truly unique building that will continue to redefine Downtown Atlanta’s architecture and corporate landscape.”
The building’s renovations will also include new elevators and building systems, as well as a new dedicated lobby, which will highlight the distinctive features from the original historical building. All the renovations embrace the building’s history and make use of period architectural details throughout. The building offers a unique opportunity that blends an authentic historical feel with state-of-the-art office space suitable for today’s technology-driven tenants.
The Department Building’s premier location in the heart of Downtown Atlanta and its iconic historical architecture will also offer a branding opportunity that Marx says is ideal for a single-tenant full-building presence, including a signage opportunity. The building is walking distance from MARTA’s Peachtree Station and minutes from the Downtown Connector and I-85. The surrounding neighborhood is rich in amenities and offers abundant parking. The renovated building joins several other important landmarks in the Downtown area including SunTrust Plaza, the Center for Civil and Human Rights, the Georgia-Pacific Center, and the Westin Peachtree Plaza.
“Buildings with this type of character are in high demand in Atlanta and rarely exist,” says Deitelzweig. “We have renovated this building in a manner that enhances the original detail of the building while elevating the space to appeal to today’s creative and technology tenants.”
Marx named Jones Lang LaSalle’s Jeff Belamy and Liz Koteles to handle marketing and leasing.
“The Department Building will appeal to users in the 5,000 – 30,000 square feet range seeking efficient, creative office space in a unique environment,” says Bellamy, a JLLmanaging director.
Under Construction: 10 Grand Central Gets a New, Retro LookCommercial Observer
BY REBECCA BAIRD-REMBA OCTOBER 30, 2018 11:30 AM
When Marx Realty decided to revamp the 35-story Art Deco office tower at 708 Third Avenue, the landlord decided that it wanted to create an old New York, 1930s vibe.
The old-school renovation is supposed to be in keeping with the rebranding of the building to 10 Grand Central, because Marx CEO and President Craig Deitelzweig “didn’t want to be associated with Third Avenue,” he told The New York Post in August. Studios Architecture redesigned the lobby and entrance and created a new seventh-floor amenity space and terrace as part of the building’s $45 million renovation.
Architect Ely Jacques Kahn designed the stepped, 438,000-square-foot structure, which sits at the corner of East 44th Street and Third Avenue and opened in 1931. Kahn was responsible for the Bergdorf Goodman store on Fifth Avenue and teamed up with Ludwig Mies van der Rohe and Philip Johnson to design the Seagram Building.
“What’s happened over the years [is] people changed the building and modified it in a way that wasn’t true to the original intent,” Deitelzweig told Commercial Observer as we walked through the new seventh-floor lounge. “What we are trying to do is be authentic to his original design aesthetic but do it in a modern way.”
Deitelzweig hopes to restore the property to its original glory by moving the entrance from Third Avenue to East 44th Street and constructing a new four-story entryway with brushed brass fins, gloss black brickwork and walnut wood doors. The lobby will be attended by a white-gloved doorman and feature 1920s and ‘30s-inspired art, herringbone concrete floors and an angular, brass desk. As one enters, walnut paneling will wrap along one wall and across the ceiling and pale concrete covers the opposite wall.
Then, on the seventh floor, Marx and its architects built out a hotel-lounge-style space with green, blue and brown seats, warm wood paneling along the walls, brass mid-century modern light fixtures, and a concrete-topped island clad in wood paneling. The space is also hung with oversized illustrations of palm fronds and incorporates various potted plants, ferns and cacti. There’s also a conference area and a modern kitchen with a white glass-tiled backsplash, black cabinets and brass fixtures. The lounge opens onto a terrace with dark gray furniture, a fire pit and more plantings, including ivy that climbs up the black-painted brick walls.
The renovation also includes 10 prebuilt office suites ranging from 2,500 to 8,000 square feet. Marx has relocated roughly 80,000 square feet of tenants—either within the building or to other properties—in an effort to redo as much of the building as possible. The property is now 80 percent leased, with asking rents ranging from the high $60s to the high $80s per square foot. Construction began in July and is expected to be complete in January.
Downtown’s former Regenstein’s store to get $20 million renovationBy Douglas Sams – Commercial Real Estate Editor, Atlanta Business Chronicle
Oct 26, 2018, 7:37am EDT
Former downtown Atlanta department store Regenstein’s is getting a $20 million makeover that will turn the Art Deco building into a possible destination for creative class companies.
It’s the latest in a wave of adaptive reuse projects across the city.
The nearly 100-year-old building was once known as Regenstein’s, a women’s fashion emporium that joined dozens of other stores and shops on Peachtree Street. New York’s Marx Realty bought the building at 207 Peachtree Street in 1954 when downtown’s retail sector was still vibrant.
Marx Realty hasn’t done anything significant to building since then. It may have continued sitting on the property, but something changed two years ago. Post Properties announced it would break ground on its first downtown apartment building in almost 50 years.
“That’s when we knew this was going to become a neighborhood again,” said Marx President and CEO Craig Deitelzweig.
Marx will rename the 48,000-square-foot property “The Department Building.” It’s keeping the charm of the historic building including 18-to-20-foot barrel-vaulted ceilings and terracotta walls. It’s also restoring the old brick and bringing the front of the building closer to the street.
The property stands between downtown’s signature towers and mixed-use projects including the Westin Peachtree Plaza, One Ninety One Peachtree and Peachtree Center. A new rooftop amenity will offer views along Peachtree Street.
Architect ASD|SKY is leading the redesign.
A Jones Lang LaSalle Inc. of Jeff Bellamy and Liz Koteles is overseeing leasing efforts.
“The Department Building” will be marketed to a creative class company seeking access to MARTA and the surrounding stores and restaurants. The project could be finished by next spring.
The New York office has a millennial makeover
Financial Times
By: Joshua Chaffin in New York
For Joseph Artusa, removing the green marble that has long obscured the soaring entrance of the Equitable Building in lower Manhattan is an attempt to make amends for an architectural sin committed by the property’s previous owner, the late Harry Helmsley.
“We don’t know why he did it, but he did,” said Mr. Artusa, a vice-president at Silverstein Properties, shaking his head.
Clearing away the offending marble is one element of a $50m renovation that is part of a wider movement across Manhattan to scrub ageing buildings of the tastes of an older generation and make them more appealing to millennials.
Silverstein Properties is straightforward about who it is trying to impress: A millennial like the scruffy young man wearing a felt hat and pedalling a bike who is featured in the marketing materials it has created for the Equitable. (Perhaps he is heading to a high-paying job at one of the tech or media companies that has enlivened a lower-Manhattan neighbourhood once dominated by financial services.)
To lure him, Silverstein is opening the building’s lobby, bringing in natural light, adding a bike locker and playing up transport connections to Brooklyn. The finishing touch will be a sprawling new rooftop terrace and lounge where young workers can mix, mingle or do yoga.
“We’re looking to ‘amenitise’ this building,” Mr. Artusa said, deploying the industry’s buzzword du jour. “ Millennials want it all.”
“If landlords don’t think creatively and in a future-forward way, they won’t exist in ten years”.
Craig Deitelzweig, chief executive of Marx Realty
For decades, corporate real estate decisions were dictated by the wants and needs of chief executives, with proximity to their homes a particular consideration. That is changing now as companies fight to attract young talent with different ideas about how and where they work.
“What we’ve witnessed in the last four or five years is a shift in the marketplace that has been driven by the workforce,” said Bruce Mosler, chairman of global brokerage at Cushman & Wakefield. “The millennial workforce is now the largest part of the workforce. That generation is now who you’re vying for.”
For companies, that means catering to workers who favour public transport and bike sheds over black cars; who require built-in shopping, cafés and fitness centres, since their work and leisure time tend to blend; who revere natural light, delivered through floor-to-ceiling windows; and seek informal spaces, with must-have features like rooftop terraces such as the one at the Equitable.
Even all that is not necessarily enough, developers said. There is also the desire for a building that conveys a sense of authenticity and identity — a compelling story, as architects put it.
“If somebody’s going on a 10-building tour, how do you differentiate yourself?” asked Paul Amrich, a vice-president at real estate broker CBRE.
Owners of Manhattan’s ageing building stock are trying to answer that question, as new towers soar en masse for the first time since the 1980s. In the past four years, 10m square feet of new supply have come on the Manhattan market, according to Cushman & Wakefield, with another 24m expected over the next five years.
Much of that is due to the sprawling Hudson Yards development taking shape on the far west side of the island, where new buildings promise far greater efficiency as well as hip amenities, like proximity to the High Line elevated park. In pitching it to corporate tenants, the Related company touts its avant-garde appeal to young workers. It has lured tenants from apparel maker Coach to private equity firm KKR.
Next door is One Manhattan West, a 67-story tower owned by Canada’s Brookfield. It is already 90 percent leased a year before its scheduled opening, and will feature “temples” of retail, fitness and food, according to Brookfield’s head of retail leasing, Michael Goldban.
An artist’s rendering of 10 Grand Central.
Midtown, Manhattan’s longtime corporate fortress, is under pressure to fight back. One of the boldest examples is 1271 Sixth Avenue, the former Time-Life building, which is undergoing a $600m renovation. Other buildings nearby are attempting similar fixes.
“It’s more than just redoing your lobby. It has to be a complete makeover of the asset,” Mr. Mosler said.
Craig Deitelzweig, chief executive of Marx Realty, agreed. “[The building] has become part of the tenant’s brand,” he said, “and today’s tenants are very brand-conscious.”
Marx recently spent $45m to redo a tower on East 44th Street, rechristening it “10 Grand Central”. Among other changes, the lobby has been reconfigured and made to resemble a members-only club, with banquettes, polished brass and white-gloved doormen more commonly found in a boutique hotel.
In financial terms, Mr Deitelzweig estimated the investment had helped to boost rents by 30 percent. “I think you have to do it,” he said. “If landlords don’t think creatively and in a future-forward way, they won’t exist in 10 years.”
Rents and occupancy rates have held up in Manhattan in spite of the new supply, although landlords are resorting to the increased use of concessions — discounting rents, absorbing remodelling costs — to maintain them.
At the Equitable, once the world’s largest office building when it opened in 1915, occupancy rates are still hovering around 90 percent, according to Mr. Artusa. But Silverstein Properties did not want to wait to test its appeal in a changing market, and decided late last year to press ahead with the renovation.
The architects, Beyer Blinder Belle — who are also tenants — are trying to tread a narrow line: They want to emphasise the Equitable’s heritage, playing up the authenticity that millennials crave, while also outfitting it with high-speed internet, better dining options and other conveniences they demand.
Some of the details are painstaking. Working from old pictures, architect Carlos Cardoso produced new brass grills to match the originals above the elevator doors. At the same time, the elevator ceilings were raised to suit modern tastes.
“We wanted to create a compelling story for this building,” Mr Cardoso said.
Sears Exit Would Leave Big Holes in Malls. Some Landlords Welcome That.
The Wall Street Journal
By Esther Fung Oct. 12, 2018 7:00 a.m. ET
Profitable shopping centers see chance to lure higher-paying tenants even as heartland fears losses
The prospect of Sears Holding Corp.’s imminent bankruptcy threatens to widen the gap between the more successful shopping centers and the struggling ones.
Mall owners with trendy retailers, lively restaurants and other forms of popular entertainment have continued to prosper. Many of these landlords would welcome Sears’ departure, mall owners and analysts said. The department store’s exit would allow them to take over a big-box space and lease it to a more profitable tenant.
In malls where leases were signed decades ago, Sears rents could be as low as $4 a square foot. New tenants in the same space could bring as much as six times that amount.
But for mall landlords in more economically depressed areas, where there is often still a glut of run-of-the-mill retail and much of the former foot traffic has migrated to online shopping, the loss of Sears as anchor tenant could be troubling. The brand still attracts some consumers, and many owners would be hard-pressed to find another large tenant to take Sears’ place.
Several other department stores, like J.C. Penney Co. and Macy’s Inc., have been closing weaker locations and aren’t eager to lease space in floundering malls, while a number of other chains, like Toys ’R’ Us Inc. and Bon-Ton Stores, that once occupied big-box spaces are out of business.
“The top 50 mall owners in the country were dying to get Sears out of the mall, so they’re thrilled,” said Corey Bialow, chief executive at Bialow Real Estate LLC, a firm that represents retail tenants. “Where it’s going to hurt most [is] at malls that are already struggling. Losing Sears could hurt foot traffic in places where customers don’t have access to Nordstrom. Sears is still a relevant brand in the heartland, and closures there will inevitably hurt.”
Either way, mall owners seem prepared for Sears to go. Sears has hired M-III Partners, a boutique advisory firm, to prepare a bankruptcy filing. The company, which had 866 Sears and Kmart stores as of Aug. 4, has been unprofitable for seven straight years and has closed hundreds of locations.
As of Oct. 1, the company operated 380 full-line Sears stores, less than half of the 919 it ran in August 2008, according to AggData.com, a provider of location data. Kmart has shrunk even more dramatically: Just 360 were open in mid-July, down from 1,498 a decade ago.
Some of Sears’ biggest lenders are pushing for the troubled retailer to liquidate rather than try to reorganize through the bankruptcy process, The Wall Street Journal reported on Thursday. Yet even if the department store and its controlling shareholder and Chief Executive Edward Lampert pursue a restructuring plan to keep the brand alive, that could still lead to hundreds of Sears stores closing.
Many property owners have anticipated this kind of shake-up and have already made contingency plans for their Sears department stores, auto centers and Kmart stores, which are also owned by the holding company.
In Yonkers, N.Y., the owner of Cross County Shopping Center, which has leased a three-story, 250,000-square-foot building to Sears for about 40 years, doesn’t see its exit as cause for concern.
The center is currently 98% leased and sees a healthy amount of foot traffic, said Craig Deitelzweig, chief executive officer of Marx Realty, which owns the open-air center with Benenson Capital.
By providing a Fourth of July fireworks show, sponsoring family days with inflatable bounce houses for children, and adding new restaurants like Shake Shack and Jamba Juice, the shopping center has remained engaged with the community, Mr. Deitelzweig said.
“We aren’t worried about whether the space can be backfilled,” he added. “We can accommodate not just Sears, but any other tenant that may go under.”
But there are hundreds of malls and open-air shopping centers across the U.S. that have a wave of vacant space coming due and will face new leasing challenges if their anchor tenant closes its doors.
“It becomes an additional burden on a center that is trying to repair itself because it’s one more issue that they have to rectify,” said Neill Kelly, a senior vice president at CBRE focused on retail restructuring.
For some hard-hit malls, Sears’ exit wouldn’t even be the first department store to fail this year. The Chicago Ridge Mall lost its Carson’s store after the chain’s parent, Bon-Ton, filed for bankruptcy and new owners liquidated all 267 stores. The shopping center also has a Sears.
A spokeswoman for Starwood Retail Partners, the mall’s owner, said the company is working on ideas for the space that Carson’s used to occupy but declined to comment on Sears.
Real-estate investment trusts sold off after The Wall Street Journal reported late Tuesday that Sears was preparing for chapter 11, and amid a broader market selloff. The FTSE Nareit Equity Retail index fell 3.6% since Tuesday’s close, and Washington Prime Group and CBL & Associates Properties Inc. were among the REITs that declined, falling 4.1% and 3.7%, respectively, since Tuesday’s close.
Simon Property Group, the biggest shopping mall owner in the U.S., has the most Sears stores with 59, while Washington Prime Group has 42 stores, according to data from Wells Fargo Securities and SNL REIT Datasource. Washington Prime is managing its Sears exposure and has redevelopment plans for a number of the stores, a spokeswoman for the company said. CBL & Associates started the year with 40 stores, but said it expects to be at 28 by the year-end.
But in each case, rent from Sears represents less than 1% of these mall owners’ overall revenue, according to Wells Fargo Securities and SNL. This helps mitigate some of the financial impact, but a Sears departure could still have a negative impact.
For instance, if the landlord is unable to find a replacement tenant, a so-called cotenancy clause would allow other mall tenants to seek rent reductions or lease terminations.
A Sears liquidation would also pose problems for holders of debt that is backed by malls where the retailer operates. More than $10.6 billion worth of loans that were converted into commercial-mortgage-backed securities that financed retail properties. These properties count a Sears or Kmart among their top five tenants, according to data firm Trepp LLC.
The lower the quality of the mall, the higher the risk, according to a Trepp report issued Thursday. Still, a liquidation “would not be the death knell” for all these malls, partly because many of the poorest-performing Sears stores have already been closed.
—Peter Grant contributed to this article.
Write to Esther Fung at esther.fung@wsj.com
Connect Media
By: Paul Bubny September 7, 2018
Marx Realty has acquired a pair of office and retail assets located a block apart along the Bowery for a total of $48.5 million. A joint venture of Caspi Development, RWN Real Estate Partners and Artemis Real Estate Partners sold 135 Bowery to Marx, while the JV partners were joined by Ultimate Realty in selling 161 Bowery.
“135 and 161 Bowery are optimally situated in a vibrant neighborhood and represent a perfect fit for our growth strategy in New York City while providing a terrific opportunity to add value to our portfolio,” said Craig Deitelzweig, president and CEO of Marx Realty.
An Avison Young team headed by James Nelson represented the sellers. “We were able to identify a well-established purchaser who utilized a 1031 tax-free exchange and orchestrated a very smooth and easy process with real professionals on both sides of the table,” said Nelson.
Marx Realty Purchases Two Buildings On Manhattan’s Lower East SideCitybizlist
By: Edwin Warfield 9/4/18
Avison Young’s Tri-State Investment Sales Group Brokers Acquisition of Office and Retail Space at135 and 161 Bowery Street for $48.5 Million
Marx Realty, a New York-based owner, developer and manager of office, retail and multi-family property across the United States, announced the $48.5 million acquisition of 135 and 161 Bowery on the Lower East Side. The joint venture comprises Caspi Development, RWN Real Estate Partners and Artemis Real Estate Partners was the seller for 135 Bowery, while 161 Bowery was sold by that joint venture in partnership with Ultimate Realty. Marx Realty continues to expand its holdings in New York City, building on the firm’s 4.3-million-square-foot commercial real estate portfolio. The announcement was made by Craig Deitelzweig, CEO of Marx Realty.
“135 and 161 Bowery are optimally situated in a vibrant neighborhood and represent a perfect fit for our growth strategy in New York City while providing a terrific opportunity to add value to our portfolio,” said Craig Deitelzweig, president and CEO of Marx Realty. “Both buildings are architecturally significant and are located one block away from each other in the very dynamic Bowery neighborhood. The constructed office space in both properties has broad appeal to tenants across a variety of business sectors and we are delighted to have 135 and 161 Bowery join the Marx Realty portfolio of best-in-class office assets in premier locations.”
Avison Young’s Tri-State Investment Sales Group was the sole broker in the transaction with Principal and Head James Nelson leading the sales effort. Mr. Nelson said, “This sale demonstrates that, with the right product and location, there is still strong demand in the marketplace. We were able to identify a well-established purchaser who utilized a 1031 tax-free exchange, and orchestrate a very smooth and easy process with real professionals on both sides of the table.”
On behalf of the sellers, Joshua Caspi of Caspi Development said, “I am thrilled to transact with Marx Realty on the sale of these two first-class, boutique office buildings. This was a culmination of multiple partners working together for a successful transaction and great assistance from the Avison Young team.”
135 Bowery is a newly built, eight-story building with 23,000 square feet of space including 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. The building is currently fully leased and tenants include visual effects company Lola; creative agency Minds + Assembly; trading technology firm Tradewind; and, attorneys Martin Liu & Associates.
Originally built in 1920 and redeveloped in 2016, the seven-story building at 161 Bowery also includes street-level retail and office spaces distributed over 25,000 square feet. Office suites boast 12’ ceiling heights, open floor plates, direct fiber-optic connectivity as well as incredible light exposure and expansive city views. As with 135 Bowery, the fully-leased building includes an impressive list of tenants such as Warner Music, social media giant Kik Interactive; advertising firm Space 150; multinational educational startup Brainly; and, Mark Fisher Fitness on the ground floor.
“The Lower Eastside neighborhood has been the home for the art, music, fashion, and media industry for decades while creative and tech firms are also enamored by this exciting neighborhood,” said Marx Realty’s Deitelzweig. “The current tenants at both properties are a testament to the neighborhood’s continuous growth and exciting future. The acquisition once again reinforces our ability to transact quickly and efficiently, further expanding our presence in Manhattan. We’re excited to bring new life and energy to 135 and 161 Bowery.”
The properties at 135 and 161 Bowery are adjacent to several iconic neighborhoods including Nolita, the East Village, and SoHo. The buildings are a block away from the historic Sara D. Roosevelt park as well as various restaurants, hotels, boutiques and entertainment options including the New Museum and the International Center of Photography. They are also near multiple bus stops as well as MTA subway stations serving the B, D, F, M, J, Z, and 6 trains.
About Marx Realty
Marx Realty is a division of Merchants National Properties (MNP). Founded in 1915, its current portfolio of properties includes over 4.3 million square feet of commercial office, retail and residential space as well as five mixed-use projects currently under development. Together, MNP and Marx Realty are vertically integrated and involved in all phases of real estate management, development, and leasing. The company’s assets comprise69 properties in 17 states across the continental United States.
About Caspi Development
Caspi Development is a leader in the ownership, management and development of residential and commercial real estate across the New York metropolitan area. With deep expertise in identifying and developing properties with untapped potential, Caspi’s family-owned, hands-on approach to all projects is key to its success. The company’s three-generation pedigree translates into nearly a half-century of industry knowledge. Headquartered in White Plains, NYat the center of the bustling Lower Hudson Valley, Caspi has properties throughout Westchester, Manhattan, Brooklyn, the Bronx, Queens and Long Island. Caspi Development and RWN Real Estate Partners acquired 79 Walker Street as a successful repositioning play which is currently breaking leasing records for rents in this office submarket with tenants such as Au Cheval and Bang & Olufsen. The firm is actively pursuing more opportunistic buys such as this.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.