Signature Smell, Branded Towels, Jackie O: Marx Realty Betting $40M It Can Lure Tenants To Its Vacant Downtown Building
With office vacancy rates at all-time highs, leasing demand stagnant and the future of the workplace still uncertain, today might not seem like the best time to put tens of millions of dollars into renovating a vacant D.C. office building. But that isn't stopping Marx Realty.
The New York-based investor acquired The Herald office building at 1307 New York Ave. NW for $42M in April, a deal that had been under contract before the coronavirus pandemic began. The crisis hasn't deterred Marx from pursuing an ambitious renovation effort, investing another $41.5M to overhaul the 134K…
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