Private-equity firm moving offices

Snow Phipps has inked a seven-year lease for a 10,000-square-foot office at 545 Madison in Midtown.

The private-equity firm will occupy space on the 10th floor at the 18-story office tower. Asking rent was $89 per square foot. Snow Phipps plans to move from 667 Madison, about six blocks away. 

Owner Marx Realty has been working on a $24 million repositioning of the property over the past year, aiming to create a hospitality vibe at the office building with hotel-like finishes, by using warm wood tones, for example.

The renovations at 545 Madison include a new lobby, library, seating areas, pre-built office suites and a 7,000-square-foot indoor and outdoor club space on the eighth floor. The entrance was moved to 55th Street. 

Since construction on the renovation started, Snow Phipps is the first new tenant to sign on. Another three leases are in negotiation, according to the landlord.

The building, between East 54th and 55th streets, is close to Central Park, Grand Central Terminal and Rockefeller Center.

Evan Margolin of Savills represented Snow Phipps in the deal. Tara Stacom, Harry Blair, Peter Trivelas and Remy Liebersohn of Cushman & Wakefield (NYSE: CWK) represented Marx Realty.

David Burns and Kristin Kaiser of Studios Architecture are working with Marx’s in-house design team on the lobby redesign and the amenity spaces. OTJ Architects worked on the pre-built suites on the third and 14th floors.

Marx Realty is a division of Merchants’ National Properties. Its portfolio includes more than 5 million square feet of commercial office, retail and residential space, as well as five mixed-use projects that are under development.