Marx Realty signs 10,000 square foot lease with Snow Phipps at 545 Madison Avenue in Midtown, Manhattan
Private equity firm Snow Phipps is the latest firm to join 545 Madison Avenue, a newly renovated office tower in Midtown, Manhattan. Marx Realty, the building owner, worked with Studios Architecture to complete the building transformation, which focused on elevating the hospitality aspects of commercial property.
Snow Phipps will occupy a suite on the tenth floor of the building which spans approximately 10,000 square feet. The leases were negotiated for seven years at $ 89 per square foot. The company is the first new tenant at 545 Madison since construction began.
âWe’re leading a design revolution in the office industry and it’s about more than just ‘repositioning’ a building,â said Craig Deitelzweig, President and CEO of Marx Realty. It’s about meeting the demand for truly special and inspiring office spaces, giving space a soul.
The scope of work on the ground floor included building a new lobby, installing floor-to-ceiling glass, modern signage, concrete planters, and gray metal accents. The entrance was also moved to 55th Street to reduce congestion and improve access to the lobby.
The extensive renovation will also include a library, several lounges and seating areas, and a 7,000-square-foot indoor-outdoor respite on the eighth floor that will debut as the Leonard Lounge. When complete, the living room will feature a fireplace suspended from the ceiling, bar seating, a 2,000 square foot landscaped patio, a boardroom with collaborative workspaces, a cafÃ©, and walnut wood and bronze finishes. all over.
For more finesse, the signature fragrance of Marx Realty will float in the leisure space.
âJob creators in finance, media and tech understand the need to bring employees back to a beautiful space and our one-of-a-kind hospitality and office aesthetic will continue to gain in relevance. “said Deitelzweig. . âMarx Realty’s signature style of hospitality goes far beyond just slapping a wall or adding new artwork, and the team at Snow Phipps immediately recognized the importance of providing a warm and welcoming space for employees.
Cushman & Wakefield is the exclusive rental and marketing agent for the available suites. OTJ Architects oversaw the design of the office suites on the third and 14th floors.
According to company officials, total construction costs for the project hover around $ 24 million. The first phase of the in-depth modernization of the building is currently underway.
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