January 22, 2020
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.
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