Niobrara Capital Signs 10-Year, 11,000-SF Full-Floor Lease at Marx Realty's 545 Madison Ave.

Private equity firm Niobrara Capital has signed a 10-year lease for 11,000 square feet at 545 Madison Ave. in Midtown Manhattan, according to Marx Realty & Improvement Co, which owns the property. The deal covers the entire ninth floor of the building and brings the asset to 90% leased. Niobrara Capital is relocating from 345 Park Ave., where it was previously on the third floor.

Deal Terms and Brokerage

The asking rent for the space was $145 per square foot, according to Marx Realty. Niobrara Capital, which is focused on investing in technology and technology-enabled services businesses, is expected to move into 545 Madison by the end of the year.

CJ Heitner and John Cilmi of Newmark represented Niobrara Capital in the transaction. Tara Stacom, Peter Trivelas, Harry Blair, and Remy Leibersohn of Cushman & Wakefield represented Marx Realty.

A spokesperson for Marx Realty said Niobrara Capital chose the building because the firm "wanted to be in the Plaza District and fell in love with the building."

About 545 Madison Ave. — The Baccarat Building

The property, built in 1955 and redeveloped in 2008, is also known as the Baccarat Building, reflecting a co-branding partnership Marx Realty has with French crystal maker Baccarat. The lobby and entryway feature Baccarat chandeliers, while a tenant lounge on the eighth floor includes Baccarat fixtures, barware, and accessories. The building totals approximately 153,600 square feet and also serves as the U.S. headquarters of Baccarat.

The existing tenant roster at 545 Madison includes Millennium Partners, Snow Phipps, Kohlberg, Orangewood Capital, and Vialto Group.

Landlord Commentary

Craig Deitelzweig, president and CEO of Marx Realty, attributed the building's leasing momentum to its design positioning. "The continued leasing momentum at 545 Madison speaks to the power of pairing this exceptional Plaza District address with a truly differentiated hospitality-infused experience," Deitelzweig said in a statement. "The building's warm, club-like sensibility, refined design and unmistakable Baccarat touches continue to resonate with premier firms looking for a workplace that feels elevated, elegant and distinctive."

Sources

• Marx Realty — Private equity firm Niobrara Capital signs 10-year lease at Baccarat Building
• Marx Realty — Private Equity Firm Signs Full-Floor Lease at Marx Realty's 545 Madison
• Marx Realty — Private equity firm takes full-floor office on Madison Avenue