Marx Realty Purchases The Herald Building for $41M
The former Washington Herald Examiner office building will undergo a $41 million aesthetic transformation, implemented by Marx Realty.
Washington DC – Marx Realty has purchased The Herald Building in Washington DC in a $41 million transaction. The firm intends to invest an additional $41 million in the property to reposition the space with a hospitality-like aesthetic.
The 114,000-square-foot, Beaux Arts style building, built in 1923, previously hosted the Washington Herald Examiner’s offices and printing presses. Marx Realty plans to enhance the property’s historic elements and transform the space; intending to blur the lines between commercial office and luxury hotel.
The repositioning of the office building will encompass an updated entry portal and an expansive lobby with 19-foot ceilings. The asset will transform spaces including an 8,800-square-foot lounge, a fitness center with private workout rooms, a 40 seat board room on the ground floor, a new library, banquette spaces and a café with outdoor seating. The company will additionally implement its proprietary Marx Connect software interface at the property, in effort to minimize physical interaction.
Upon the repositioning, the company will employ asking rents of $62-72 per square foot at the property.
The project serves as a collaboration between Marx Realty and Studios Architecture’s David Burns. The partners previously worked together in the similar, aesthetic transformations of both 10 Grand Central and 545 Madison Avenue office towers in New York.
New York-based owner, developer and manager, Marx Realty is a division of Merchants National Properties. Founded in 1915, the firm’s current portfolio encompasses more than five million square feet of office, retail, multifamily and mixed-use space throughout 17 states.
