A real estate firm is staying put in Midtown, the latest in a string of Manhattan office renewals.
Ogden CAP Properties, the real estate arm of the Milstein family, is renewing its lease at Marx Realty’s 545 Madison Avenue, the Commercial Observer reported. The three-year deal across four floors spans 42,000 square feet and runs through 2027.
Asking rents at the building range from $84 to $101 per square foot.
Ogden moved into the office a decade ago, taking 27,000 square feet at the property situated between East 54th and East 55th streets. It eventually expanded to its 42,000-square-foot space, becoming the largest tenant in the 18-story, 140,000-square-foot building.
Other tenants include Qurate Retail Group and Vialto, the former of which recently signed an extension for office and filing space used by its subsidiary, the Home Shopping Network. Those two deals are among five recently inked by Marx at the building.
A Cushman & Wakefield team including Tara Stacom and Peter Trivelas brokered the deal on behalf of the landlord. Ogden didn’t use any brokers in the deal.
Seymour and Paul Milstein built Ogden into a major luxury property owner in Manhattan, investing in Harlem, the Upper West Side and Battery Park in the 1960s. Today, the firm is run by siblings Philip and Constance Milstein.
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Marx took control of the property at 545 Madison Avenue in 2019, evicting Joe Sitt’s Thor Equities from its ground lease after months of frustration over unpaid rent and outstanding real estate taxes. Marx conducted a $10 million renovation after taking control of the property.
While the size of Ogden’s extension pales in comparison to other recent deals in the borough, the office renewals come at a time when confidence in the market is facing a critical test.
Public relations giant Edelman renewed its 173,000-square-foot space at Jack Resnick & Sons’ 250 Hudson Street, staying at the building for another 15 years. Women’s fashion label Tory Burch, meanwhile, is renewing 130,000 square feet at Savitt Partners’ 11 West 19th Street.
— Holden Walter-Warner