Marx Realty Renovates 545 Madison into Pandemic-Era Repositioning Success

Marx Realty‘s 545 Madison Ave. in Midtown Manhattan stacks up as a pandemic-era repositioning success story. The New York-based owner-developer acquired the property in December 2019 with occupancy at 68% and in danger of falling to 40%. With 76,500 square feet of new and extended leases, 545 Madison is now 100% occupied.

“When we took control of 545 Madison, we wasted no time in planning and executing a hospitality-rich renovation to transform the space into one of the most sought-after office properties in Manhattan,” said Craig Deitelzweig, president and CEO of Marx Realty. “Leasing velocity and demand at 545 Madison has far exceeded any reasonable expectations and proves the flight to quality is very real.”

A Cushman & Wakefield team led by Tara Stacom represented Marx in each of the following transactions:

• Vialto Partners, a spinoff of PriceWaterhouseCoopers, signed a new lease for 8,000 square feet, represented by Cushman & Wakefield’s David Dusek.
• Qurate Retail Group extended its 12,000-square-foot lease, represented by CBRE’s Ramsey Feher.
• Ogden Capital, 545 Madison’s largest tenant, recommitted to 42,000 square feet. There was no tenant broker.
• Corniche Growth Advisors signed a new lease for 6,500 square feet , represented by Corey Horowitz and Jonathan Tootell of SquareFoot.
• A well-known private equity firm signed a new lease for 8,000 square feet, represented by JLL’s Paul Glickman and Kristen Morgan.