Private equity firm Snow Phipps has agreed to a seven-year, 10,000-square-foot lease at 545 Madison Ave., announced Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property. The firm will be located on the 10th floor of the 18-story office tower. The asking rent was $89 per square foot. Snow Phipps is relocating its employees from 667 Madison Ave.
Snow Phipps is the first new tenant at 545 Madison to sign on since the start of construction on an extensive, hospitality-infused renovation at 545 Madison, which includes a new lobby, library, seating areas and pre-built office suite and will ultimately boast a 7,000-square-foot indoor/outdoor club space on the eighth floor. Marx Realty moved the entrance to 55th Street and creating a sophisticated and contemporary experience.
“We are leading a design revolution in the office sector and it’s about much more than just repositioning a building. It’s about answering the demand for office spaces that are truly special and inspiring, providing space with a soul,” said Craig Deitelzweig, president and CEO of Marx Realty.
Marx Realty reinvented the lobby space at 545 Madison by infusing it with timeless materials, such as bronze and brushed brass as well as specialized fabrics that tend to be anti-microbial in nature. The lobby and rounded entryway are reminiscent of a boutique hotel, with a marquee and sophisticated neon signage created by a Brooklyn, New York-based artist. The rounded entry is attended by a uniformed doorman and features rounded, fluted doors and blackened bronze finishes. Walnut wood and bronze finishes in the lobby infuse the space with a hotel-like feel while a variety of seating options and a well-stocked library create a sense of community. Suspended walnut wood panels add texture and depth while soft lighting creates an ambience reminiscent of hotel lobbies.
Plans for the new club floor, branded the Leonard Lounge at 545 Madison, include a 7,000-square-foot lounge space, ceiling suspended fireplace, bar seating overlooking a landscaped terrace and an oversized boardroom for tenants to work or unwind in a space outside of the traditional office setting. A café with built-in appliances will afford tenants the ability to host catered events in the lounge. In order to accommodate large meetings and company gatherings, the boardroom will feature seating for 40. A 2,000-square-foot terrace will provide tenants with an urban oasis overlooking Madison Avenue. Cocktails will be served in the evening at the Leonard Lounge.
Marx Realty’s proprietary Marx Connect software interface will be implemented to minimize physical interaction as the doorman and lobby personnel work in tandem to reduce the need for tenants and visitors to come in contact with surfaces as well as providing an easy flow into the building. These wellness attributes have been part of Marx Realty’s signature design style since 2018. Various mechanical upgrades, such as a bipolar ionization system, are also part of the plan to attract and retain tenants in a post-pandemic office world.
David Burns and Kristin Kaiser of Studios Architecture are the architects working with Marx in-house design team on the redesign of the lobby and creation of the amenity spaces. OTJ Architects created the pre-built suites on the third and 14th floors.
