No Cap by CRE Daily What Happens When Office and Hospitality Combine?
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Aug 3, 2025 Craig Deitelzweig, CEO of Marx Realty, is revolutionizing office spaces by blending them with hospitality concepts. He discusses how signature scents, concierge services, and unique amenities are transforming tired Class B assets into trendy destinations. Craig shares insights on successfully revitalizing New York's 10 Grand Central and how adding features like house cars and rooftop lounges not only enhances tenant experiences but also maximizes ROI. The conversation paints a vibrant picture of the evolving landscape of urban office environments.
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10 Grand Central Repositioning
- Craig details transforming 10 Grand Central from a poor building with low rents to a destination with rebranded entrances and elevated lobbies.
- They added lounges, terraces, and a Porsche house car, boosting rents by $50 per square foot.
Active Amenity Use Matters
- Craig observes that many office amenity spaces in other buildings are underused and merely check a box.
- Marx Realty's amenities are heavily used and foster genuine engagement among tenants.
Baccarat Luxury Office Brand
- Marx Realty's 545 Madison Avenue is the first co-branded office building with luxury crystal brand Baccarat.
- They integrated Baccarat chandeliers, barware, and signature scent, making the office feel unique and inviting.