When you walk into a building developed by Marx Realty, you might find yourself curious if you accidentally skipped work and entered a luxury hotel — and that’s exactly what Marx wants.
Marx, known for its hospitality-infused approach to the office, has announced a $68 million repositioning at 430 Park Avenue, a 19-story office property that spans the entire western block of Park Avenue between 55th and 56th streets in Midtown Manhattan, the firm told Commercial Observer.
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Marx Realty owns the building in partnership with Midwood Investment & Management and Oestreicher Properties. Marx plans to create the same luxury experience for the office tenants at this property as it did at 10 Grand Central — home of High Ball — and 545 Madison Avenue, also known as the Baccarat Building.
“We are excited to bring Marx’s signature brand of hospitality-infused office design to this Park Avenue office building and capture the sophistication of classic Park Avenue interiors with a thoughtful and dynamic repositioning,” Craig Deitelzweig, CEO of Marx Realty, said in a statement. “We intend to write the next chapter of service at 430 Park Avenue by adding authentically designed and classic spaces with a modern vibe that will speak to the past, present and future aesthetic of the neighborhood.”
Renovations at 430 Park Avenue will begin in September and are expected to be completed by the late spring or early summer of next year, Marx said. Plans include a new suite of amenities, a loggia that will provide tenants both an indoor and outdoor space, an abundance of natural light, lounge space, a library and a parlor. Marx said each space will be carefully curated to infuse hospitality elements, elegance and the functionality of the workplace.
The library will double as a 63-person boardroom, while the parlor will feature a fireplace, soft seating and “cozy nooks” for people to work away from their desks. Additionally, there will be the Links Lounge with a golf simulator and a club room. 430 Park Avenue will also offer the Red Eye Suite, a refreshing space complete with a shower to wash away the day, or get cleaned up after that early morning workout.
Each space will also feature custom artwork, including sculptures for what Marx calls an “upscale art gallery aesthetic.” The features and fixtures of the amenities floor will be designed to have a private club vibe, while also featuring an elevator lobby with soft, inviting lighting. Tenants will be surrounded by warm wood, marble flooring, brushed bronze, brass with patina finishes and greenery throughout the outdoor space.
“We’re going to replicate the success we’ve seen in New York at 10 Grand Central and 545 Madison, as well as our work at the Herald in Washington, D.C., at this Park Avenue location,” Deitelzweig said. “The hospitality-infused repositioning strategy we’ve deployed at those assets has been so well received, and we’re looking forward to reimagining 430 Park Avenue in a distinctive manner unique to this property’s special location as a block of space up to 150,000 square feet becomes available in the coming months.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
