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May 14, 2024
In December 2023, Baccarat, the high-end French glassmaking company, signed a lease with Marx Realty to relocate its U.S. headquarters to 545 Madison Avenue. The deal for 10,000 square feet of penthouse and mezzanine space, plus a private terrace, included a plan to co-brand the building, furthering Marx Realty’s goal of bringing hospitality into office space.
“Office space is perceived to be challenged,” said Craig Deitelzweig, the company’s leader. “But there are so many great assets that can be rethought, reimagined. It’s an exciting time.”
Deitelzweig and his team have been reimagining in the seven years since he took the helm of Marx. Way back when an office was an office (and a home was a home), hospitality-like elements designed to elevate the tenant experience were on Marx’s amenity list: doormen, house cars, lobbies that mimic hotels, lounges, libraries, outdoor space, indoor scents, soft materials and lighting to soothe and flatter.
“We make a big deal about things like using warm lighting so people look good and feel good. This is what an office building should be,” Deitelzweig said.
Marx’s portfolio now includes the management, development and leasing for 67 properties in 17 states, according to the company. That includes Manhattan Class A office buildings at 10 Grand Central, 545 Madison Avenue, 201 East 57th Street and 230 Park Avenue.
The Baccarat deal was especially important for its impact within that portfolio, said Deitelzweig. It’s the ultimate illustration of his vision of blurred lines between office and hotel experiences: Baccarat crystal and accessories in the lounge, Baccarat chandeliers in the lobby, velvet upholstery and a ceiling-suspended fireplace in a boardroom.
“We figured out a new way. We’ve proven it to be successful. We are a leader in the new type of office.”
Transforming properties, of course, is not always a bed of signature scents. But Deitelzweig looks at the heritage of office buildings the same way others see historic (aging) hotels.
“It’s a wonderful time to connect them to next-level opportunities,” he said.
(Washington, DC) – Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily properties across the United States, has completed its renovation of One Glover, located at 2121 Wisconsin Ave. NW in Washington, DC. On the heels of the remarkable transformation at the One Glover office building, the firm finalized a 10-year, 6,650-square-foot lease with Water Street Gym. The boutique training facility recently relocated from its current space at 3255 K St. NW to the lower level of One Glover in DC’s Georgetown/Glover Park neighborhood. Marx Realty acquired One Glover in 2022 and recently completed a hospitality-infused repositioning at the 110,000 square-foot office building.
“Water Street Gym brings an upscale lifestyle amenity to tenants and to the neighborhood while building on the warm and welcoming hospitality-like environment we designed into the common areas and offices at One Glover,” said Craig Deitelzweig, president and CEO of Marx Realty. “Office users are continuing to demand high-quality in a superior location and the distinctive sensory experience we created at One Glover, combined with the location near parks and neighborhood amenities, is proving to be very attractive. We’ve taken full advantage of the building’s soaring ceiling heights and well-designed column spacing and infused a members-only club-like vibe that appeals to a variety of tenants.”
John Schlagel at Transwestern represented Water Street Gym and Mark Wooters and James Collins at Cushman & Wakefield represented Marx Realty in the deal.
The repositioning at One Glover began with reimagining the previously dated façade. The exterior was painted an iron ore shade with warm wood panels surrounding the entry and a bronze-clad canopy featuring the One Glover name fashioned in bronze marquee-style lettering. Oversized fluted glass doors feature brushed brass hardware while a uniformed doorman is reminiscent of the world’s finest hotels. Marx Realty also added an outdoor ‘front porch’ with a variety of seating options to complement the dramatic entry experience and pay homage to the many parks and green spaces of the Glover Park neighborhood.
A club-like lobby lounge with sophisticated finishes now provides an organic wellness vibe at One Glover. From the mixed wood accents, white-washed wood flooring, lime-washed walls and cork accents to a tiled feature wall depicting local nature scenes (commissioned by a local artisan), the lounge at One Glover exudes an elegant and timeless aesthetic. The original waffle-style ceiling features dramatic lighting and wall sconces surrounding the seating areas. Defined seating is delineated across three rooms in the lobby lounge – a coffee and water station with cork walls and ceilings, a garden room, and a serene seating space with an olive tree and organic cork features – to punctuate a luxe hotel ambience. Additionally, Marx Realty’s signature scent and mood music round out a soothing sensory experience throughout the space.
Drawn by the area’s ample parks, shopping, dining and retail options, tenants at One Glover benefit from Marx Realty’s forward-thinking team of design and operations professionals. The building is situated in the heart of the Wisconsin Avenue Corridor offering convenient access to shopping and dining, including a Trader Joe’s and Whole Foods just steps from the building. The location, and its built-in neighborhood amenities, are attractive for studio spaces, cultural organizations and media and technology companies seeking to provide a welcoming environment. Office suites boast expansive views of the Washington Monument and the National Cathedral while an onsite parking garage and bicycle storage are available for tenant use.
“We have essentially created a new asset class within the office sector by infusing our assets with the design sensibilities of the world’s finest hotels and were the first to bring the aesthetic to the DC market,” continued Deitelzweig. “One Glover is the perfect complement to our work at The Herald in DC, which has been widely regarded as the first office building to bring a true sense of hospitality to the office space. Marx Realty’s transformative approach to real estate, combined with our hands-on management, adds a level of confidence for tenants and continues to generate interest in leasing at One Glover.”
The completion of the repositioning at One Glover follows Marx Realty’s successful top-to-bottom renovation at the award-winning Herald building, which was once home to the offices and printing presses of The Washington-Herald — where Jaqueline Kennedy Onassis (then Bouvier) once worked as the “Inquiring Camera Girl.” The transformation there has resulted in attracting a remarkable tenant base of best-in-class government affairs, consulting firms and think tanks and continues to generate excitement about in-person work. And, the repositioning at The Grogan in DC’s Chinatown neighborhood has turned heads for its demure boutique hotel design aesthetic.
Marx Realty’s in-house design team partnered with Studios Architecture to execute a timeless and effortlessly elegant design vision across the firm’s assets in New York, DC and Atlanta.
Anchor office tenant Nexstar Media Group occupies the entire third floor comprising 28,766 square feet of space; architectural lighting firm George Sexton and Associates occupies 7,500 square feet; and health technology firm DispatchHealth recently signed on at One Glover. Additionally, CommuniKids, a language immersion preschool, occupies 8,900-square-foot lease on the first floor.
Water Street Gym Signs 6K-SF Retail Space with Marx in DCApril 24, 2024
Water Street Gym has signed a 10-year lease for 6,650 square feet at One Glover, a 110,000-square-foot office building at 2121 Wisconsin Ave. NW in Washington, DC. The gym relocated from its previous space at 3255 K St. NW to One Glover in DC’s Georgetown/Glover Park neighborhood.
Marx Realty acquired One Glover in 2022 and recently completed a repositioning of the building. “Water Street Gym brings an upscale lifestyle amenity to tenants and to the neighborhood while building on the warm and welcoming hospitality-like environment we designed into the common areas and offices at One Glover,” said Craig Deitelzweig, president and CEO of Marx Realty.
John Schlagel at Transwestern represented Water Street Gym, while Mark Wooters and James Collins at Cushman & Wakefield represented Marx Realty in the lease.
April 23, 2024
Central Location and Hospitality-Infused Aesthetic Draws Boutique Fitness Provider to Glover Park
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily properties across the United States, has completed its renovation of One Glover, located at 2121 Wisconsin Ave. NW in Washington, DC. On the heels of the remarkable transformation at the One Glover office building, the firm finalized a 10-year, 6,650-square-foot lease with Water Street Gym. The boutique training facility recently relocated from its current space at 3255 K St. NW to the lower level of One Glover in DC’s Georgetown/Glover Park neighborhood. Marx Realty acquired One Glover in 2022 and recently completed a hospitality-infused repositioning at the 110,000 square-foot office building.
“Water Street Gym brings an upscale lifestyle amenity to tenants and to the neighborhood while building on the warm and welcoming hospitality-like environment we designed into the common areas and offices at One Glover,” said Craig Deitelzweig, president and CEO of Marx Realty. “Office users are continuing to demand high-quality in a superior location and the distinctive sensory experience we created at One Glover, combined with the location near parks and neighborhood amenities, is proving to be very attractive. We’ve taken full advantage of the building’s soaring ceiling heights and well-designed column spacing and infused a members-only club-like vibe that appeals to a variety of tenants.”
John Schlagel at Transwestern represented Water Street Gym and Mark Wooters and James Collins at Cushman & Wakefield represented Marx Realty in the deal.
The repositioning at One Glover began with reimagining the previously dated façade. The exterior was painted an iron ore shade with warm wood panels surrounding the entry and a bronze-clad canopy featuring the One Glover name fashioned in bronze marquee-style lettering. Oversized fluted glass doors feature brushed brass hardware while a uniformed doorman is reminiscent of the world’s finest hotels. Marx Realty also added an outdoor ‘front porch’ with a variety of seating options to complement the dramatic entry experience and pay homage to the many parks and green spaces of the Glover Park neighborhood.
A club-like lobby lounge with sophisticated finishes now provides an organic wellness vibe at One Glover. From the mixed wood accents, white-washed wood flooring, lime-washed walls and cork accents to a tiled feature wall depicting local nature scenes (commissioned by a local artisan), the lounge at One Glover exudes an elegant and timeless aesthetic. The original waffle-style ceiling features dramatic lighting and wall sconces surrounding the seating areas. Defined seating is delineated across three rooms in the lobby lounge – a coffee and water station with cork walls and ceilings, a garden room, and a serene seating space with an olive tree and organic cork features – to punctuate a luxe hotel ambience. Additionally, Marx Realty’s signature scent and mood music round out a soothing sensory experience throughout the space.
Drawn by the area’s ample parks, shopping, dining and retail options, tenants at One Glover benefit from Marx Realty’s forward-thinking team of design and operations professionals. The building is situated in the heart of the Wisconsin Avenue Corridor offering convenient access to shopping and dining, including a Trader Joe’s and Whole Foods just steps from the building. The location, and its built-in neighborhood amenities, are attractive for studio spaces, cultural organizations and media and technology companies seeking to provide a welcoming environment. Office suites boast expansive views of the Washington Monument and the National Cathedral while an onsite parking garage and bicycle storage are available for tenant use.
“We have essentially created a new asset class within the office sector by infusing our assets with the design sensibilities of the world’s finest hotels and were the first to bring the aesthetic to the DC market,” continued Deitelzweig. “One Glover is the perfect complement to our work at The Herald in DC, which has been widely regarded as the first office building to bring a true sense of hospitality to the office space. Marx Realty’s transformative approach to real estate, combined with our hands-on management, adds a level of confidence for tenants and continues to generate interest in leasing at One Glover.”
The completion of the repositioning at One Glover follows Marx Realty’s successful top-to-bottom renovation at the award-winning Herald building, which was once home to the offices and printing presses of The Washington-Herald — where Jaqueline Kennedy Onassis (then Bouvier) once worked as the “Inquiring Camera Girl.” The transformation there has resulted in attracting a remarkable tenant base of best-in-class government affairs, consulting firms and think tanks and continues to generate excitement about in-person work. And, the repositioning at The Grogan in DC’s Chinatown neighborhood has turned heads for its demure boutique hotel design aesthetic.
Marx Realty’s in-house design team partnered with Studios Architecture to execute a timeless and effortlessly elegant design vision across the firm’s assets in New York, DC and Atlanta.
Anchor office tenant Nexstar Media Group occupies the entire third floor comprising 28,766 square feet of space; architectural lighting firm George Sexton and Associates occupies 7,500 square feet; and health technology firm DispatchHealth recently signed on at One Glover. Additionally, CommuniKids, a language immersion preschool, occupies 8,900-square-foot lease on the first floor.
Marx Realty Completes Renovation of DC Office BuildingApril 24, 2024
The 111,000-square-foot property dates back to the 1960s.
Marx Realty has completed the renovation of One Glover, a 110,960-square-foot office building in Washington, D.C., within the Georgetown submarket. The company’s in-house design team worked together with Studios Architecture on the project.
The news comes after the company signed a 10-year lease for 6,650 square feet with Water Street Gym, that relocated to the office building’s ground floor. Marx Realty purchased the six-story office property in 2022 for $27.7 million from seller JBG Cos., according to CommercialEdge.
One Glover is at 2121 Wisconsin Ave. NW and features 20,000-square-foot floor plates, 9,661 square feet of first-floor retail space and 203 vehicle parking spots. The reimagined office building now includes a lobby lounge with a coffee and water station, a garden room and seating spaces. The renovation also included the reimagining of the facade, now painted with an iron ore shade and featuring wood panels surrounding the entrance. Marx Realty also added an outdoor area with multiple seating options, as well as car charging stations and bicycle storage.
One Glover is situated within the Wisconsin Avenue Corridor, an area home to multiple cultural, media and technology companies. The office building is 3 miles from downtown Washington, D.C., 4 miles from Arlington, Va., 7 miles from Ronald Reagan Washington National Airport, 10 miles from Alexandria, Va. and within 23 miles of Dulles International Airport.
Other successful upgrades
Current tenants at the property include anchor tenant Nexstar Media Group, that occupies the entire third floor, George Sexton and Associates, CommuniKids and DispatchHealth. In the most recent leasing agreement at the property, Transwestern’s John Schlegel assisted Water Street Gym, while Cushman & Wakefield’s Executive Managing Directors James Collins and Mark Wooters negotiated on behalf of the landlord. The same team is overseeing leasing efforts at the property’s office space.
The completion of One Glover’s renovation follows the company’s extensive renovation of The Herald, a 114,000-square-foot office building. Marx Realty acquired the 1920s-era 10-story office asset in 2020 for $41 million, with plans to invest another $41 million in repositioning to attract tech, financial and media companies. Last year, the company signed a 12-year, 21,500-lease with public affairs firm Locust Street Capital.
Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept
April 23, 2024
Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept
WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty.
Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project.
Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.
Marx Realty signs UpSlide to 9,536 s/f at 10 Grand CentralApril 16, 2024
Manhattan, NY According to Marx Realty, UpSlide has signed a 10-year, 9,536 s/f lease on the sixth floor at 10 Grand Central.
“We welcome UpSlide to 10 Grand Central’s unique and exceptional tenant roster,” said Craig Deitelzweig, president and CEO of Marx Realty. “UpSlide’s lease comes on the heels of announcing 24,000 s/f of new and renewed office leases at the building last month. The leasing velocity here stands as a testament to the success of 10 Grand Central’s one-of-a-kind hospitality-infused offering while companies continue to compete for the few remaining available spaces.”
UpSlide was represented by Lexie Perticone of Cushman & Wakefield. JLL’s Mitchell Konsker, Kyle Young, Carlee Palmer, Simon Landmann, and Thomas Schwartz are leading a team handling leasing for Marx Realty. Asking rent for the building ranges from $68 to $130 per s/f.
Marx Realty implemented $45 million repositioning of 10 Grand Central including a new façade with marquee brass fins and oversized walnut doors, attended by a uniformed doorman, as well as a lobby featuring walnut wood and brushed brass accents. The 7,500 s/f indoor/outdoor lounge and club floor equipped with a café, a 40-seat conference space, and The Ivy Terrace, an outdoor space reminiscent of a 1930s garden party. The building is also home to the MarxMobile, an electric Porsche Taycan that serves as the building’s house car.
“10 Grand Central’s tenant roster represents a dynamic ecosystem that serves as a complement to finance, law, media and tech firms while providing collaborative spaces for employees to thrive,” said Deitelzweig. “With its state-of-the-art amenities, cutting-edge design, and an unparalleled warm and inviting atmosphere, UpSlide is poised to flourish in the building’s vibrant environment.”
The redesign was led by David Burns, principal of Studios Architecture. 10 Grand Central has signed over 94,000 s/f of office and ground floor retail space in the last year; the building’s roster of tenants includes bank holding company Merchants Bancorp; global asset manager Fin Capital; and global independent fund manager DIF Capital Partners. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the New York Post); insurance giant MassMutual, and international news agency Agence France-Presse.
Custom Menswear Retailer Proper Cloth to Open at The Herald in DCBy Chava Gourarie | April 11, 2024
Menswear retailer Proper Cloth inked a 10-year lease at The Herald in Downtown Washington, D.C., for its first showroom outside New York.
The clothier, which makes made-to-measure menswear, will open a 4,585-square-foot studio on the ground floor of the former Washington-Herald Times building at 1307 New York Avenue, filling the only retail space in the repositioned office building owned by Marx Realty.
Proper Cloth, founded in 2008, has two New York showrooms in SoHo and Midtown. The D.C. location will be its first outpost in a new market.
Ken Patton and Tucker Farman of JLL represented the tenant, while Avison Young’s William Stern, Eli Barnes and Lauryn Harris represented the landlord. Asking rents at the building range from $67 to $90 per square foot.
After acquiring the 114,000-square-foot building in 2020, Marx Realty redeveloped the historic property, which once held the newspaper’s printing presses, into modern offices.
It nabbed its first tenant in 2021, with an 8,000-square-foot lease from government affairs firm CGCN Group, followed by leases from financial services firm FS Vector, the Society of Industrial and Office Realtors, PR firm Locust Street Group, and, most recently, furniture manufacturer OFS, which signed a 7,114-square-foot lease for a showroom and office in October.
CoreWeave Inks 17K-SF Lease in Financial DistrictMarch 26, 2024
New York City’s office market is still bruised and battered in the wake of COVID-19, but tech companies driven by artificial intelligence remain an ice pack to the city’s black eye.
In the most recent example, cloud computing provider CoreWeave signed a long-term lease for 17,421 square feet at 33 Whitehall Street, also known as Broad Financial Center, in the Financial District, according to landlord broker CBRE (CBRE). The company will occupy the top floor of the 30-story building, owned by Stawski Partners.
CBRE declined to provide the terms of the lease, but average asking rent in Manhattan’s downtown area was $57.20 per square foot in the fourth quarter of 2023, according to a CBRE report.
“33 Whitehall Street was designed with data centers and trading floors in mind and is a perfect fit for new leading-edge technology,” CBRE’s Jonathan Cope, who represented CoreWeave with Edward Goldman, said in a statement.
Dan Posy and Ian Lipman of JLL (JLL) represented CoreWeave in the transaction, but did not immediately respond to a request for comment.
It’s unclear if it’s a new office or relocation for the Roseland, N.J.-based CoreWeave.
CoreWeave is far from the only AI tech firm leasing space in New York City these days. Such companies have leased 900,000 square feet of space in Manhattan since 2019, with 330,000 square feet signed last year alone, according to data from CBRE.
And that hasn’t stopped in 2024. Earlier this month, automation and data management firm UpSlide signed a 10-year, 9,500-square-foot lease at Marx Realty’s 10 Grand Central. The company plans to leave its current home at Rockefeller Center later this year, though the change in lease prices wasn’t disclosed.
TruArc Partners signs extension at Marx Realty’s 545 Madison
March 12, 2024 | Manhattan, NY
According to Marx Realty (MNPP), private equity firm TruArc Partners has signed a seven-year, 10,000 s/f lease extension on the 10th floor at 545 Madison. A Cushman & Wakefield team led by Tara Stacom represented ownership while TruArc Partners was represented by JLL’s Evan Margolin and Ben Levy; the asking rent in the building ranges from $86 to $135 per s/f.
“TruArc Partners has been a terrific addition to the building since they first joined back in 2020,” said Marx Realty’s president and CEO, Craig Deitelzweig. “We are delighted to announce their re-commitment to 545 Madison with the signing of this extension; a testament to the enduring trust in Marx Realty’s team and the distinctive hospitality-inspired features of the building. Tenants are particularly excited about the building’s partnership with Baccarat.”
Marx Realty infused 545 Madison with its signature hospitality aesthetic, fully redefining and transforming the property. The $24 million repositioning goes far beyond surface alterations and has effectively created an office environment that mirrors the sensory experience and home-away-from-home ambiance found at the world’s finest hotels. This innovative approach has both established a new benchmark in the industry and has met the growing demand for top-tier office spaces. Marx Realty continues to maintain elevated occupancy rates across its portfolio while attracting the city’s most prestigious tenants to 545 Madison.
Marx Realty acquired the 140,000 s/f, 18-story office tower in 2019 and took on the challenge of repositioning 545 Madison, a property with occupancy rates as low as 68%. Through a strategic, hospitality-driven approach, the company created a true success story in terms of increased occupancy and asking rents. Today, the office tower is nearly fully occupied, showcasing Marx Realty’s unique ability to not only increase occupancy rates but command higher rents, ranging from $86 to $135 per s/f, a significant improvement from the previous rental rates, attesting to the building’s newfound desirability as one of the premiere buildings in the Plaza District.
TruArc Partners’ lease extension comes on the heels of Marx Realty’s co-branding venture with Baccarat, as reported by the New York Post. Baccarat committed to a 10,000 s/f lease within the building and will weave its timeless 260-year-old brand aesthetic into 545 Madison’s own fabric.
The entrance and lobby underwent a comprehensive redesign, featuring a uniformed doorman and a concierge-like greeter combined with the warm design sensibility created by the walnut wood, soft curves and well-appointed seating areas gracing the space. The Leonard Lounge — a 7,000 s/f indoor/outdoor space with a café, a 2,000 s/f landscaped terrace, and a 40-seat boardroom — exudes the exclusive feel of a members-only club with its ceiling-suspended fireplace and plush velvet seating.
As part of Marx Realty’s ongoing commitment to the environment, the company is planting three trees in the local community for each lease signed in any of its office properties. This initiative is just one of many ways in which Marx Realty gives back to the community and ensures sustainability throughout its properties. By continuing this tradition, Marx Realty is helping promote healthier and more vibrant communities for all.
Financial software and applications developer Strike Technologies was the first to sign at 545 Madison soon after Marx took over and presented its plans for the building. Other notable tenants include private equity firm Snow Phipps, Vialto Partners (a spinoff of Price Waterhouse Coopers), Qurate Retail Group (formerly HSN), Ogden Capital, Corniche Growth Advisors, and Baccarat as well as several top-tier wealth management and private equity firms.