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.