Private equity firm Snow Phipps is the latest company to join 545 Madison Avenue, a newly renovated office tower in Midtown, Manhattan. Marx Realty, the property owner, worked with Studios Architecture to complete the building’s transformation, which focused on elevating the hospitality aspects of the commercial property.
Snow Phipps will occupy a suite on the building’s tenth floor that spans approximately 10,000 square feet. Lease terms were negotiated for seven years at $89 per square foot. The company is the first new tenant at 545 Madison since the commencement of construction.
“We are leading a design revolution in the office sector and it’s about much more than just ‘repositioning’ a building,” said Craig Deitelzweig, president and CEO of Marx Realty. It’s about answering the demand for office spaces that are truly special and inspiring, providing space with a soul.”
Scope of work on the ground floor included the construction of a new lobby, the installation of floor-to-ceiling glass, modern signage, concrete planters, and gray metal accents. The entrance was also relocated to 55th Street to reduce congestion and improve lobby access.
The extensive renovation will also include a library, multiple lounge and seating areas, and a 7,000-square-foot indoor-outdoor respite on the eighth floor that will debut as Leonard Lounge. When complete, the lounge will include a ceiling-suspended fireplace, bar seating, a 2,000-square-foot landscaped terrace, a boardroom with co-working spaces, a café, and walnut wood and bronze finishes throughout.
For extra finesse, Marx Realty’s signature scent will waft through the amenity space.
“Job creators in the finance, media, and technology sectors understand the need to bring employees back to a beautiful space and our first-of-its-kind hospitality-meets-office aesthetic will continue to increase in relevance,” Deitelzweig said. ”Marx Realty’s signature hospitality style goes far beyond slapping some stone on a wall or adding some new artwork, and the team at Snow Phipps immediately recognized the value of providing a warm and welcoming space for employees.”
Cushman & Wakefield is the exclusive leasing and marketing agent for the available suites. OTJ Architects oversaw design of the office suites on the third and 14th floors.
According to representatives from the company, total construction costs for the project hover around $24 million. Phase one of the building’s extensive modernization is currently underway.