Within weeks of taking control at 545 Madison Ave., formerly ground-leased by Thor Equities, Marx Realty signed a lease renewal and expansion with financial software developer Strike Technologies, and its electronic market making subsidiary Global Trading Systems. The 25,000-square-foot lease runs for five years.
“Immediately after taking possession of the building, we met with all the tenants and learned that Strike had a lease-out at another building for one of its subsidiaries,” said Craig Deitelzweig, Marx Realty’s president and CEO. “They were impressed with our hospitality-infused design plans for 545 Madison, combined with our hands-on management approach and, as a result, decided to consolidate and expand in the building.
Within a year of announcing the repositioning at 10 Grand Central, Marx Realty brought occupancy there from 78% to 93%. At 545 Madison, the firm plans to invest $20 million in renovations, starting in the second quarter.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.