April 16, 2020

New York City-based Marx Realty has acquired The Herald Building in Washington, D.C. for $41 million. The firm plans to invest an additional $41 million in adding a hospitality-infused aesthetic throughout the 114,000-square-foot building, which was built in 1923 to house the offices and printing presses of the Washington Herald Examiner.

“The Herald Building is such an exceptional building both in its incredibly high ceiling heights and in its important history,” said Craig Deitelzweig, president and CEO of Marx Realty. “We couldn’t be more excited about our plans to transform the space into a contemporary destination for discerning tenants, and bring the first hotel-like sensory experience to the D.C. office sector.”

Marx cites its repositioning of 10 Grand Central in Midtown Manhattan as a model for its plans at The Herald Building. Asking rents will be in the range of $60 to $72 per square foot.

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