Niobrara Capital has leased the entire ninth floor of Marx Realty’s 545 Madison Ave. (Peter Murdock)
A Manhattan-based private equity firm is moving its office to Madison Avenue.
Niobrara Capital signed a lease on an 11,000-square-foot space at 545 Madison Ave. in the Plaza District. The firm is currently on the third floor of 345 Park Ave. It is expected to move into 545 Madison by the end of the year and is set to occupy the entire ninth floor of the 18-story, 153,600-square-foot office building.
The lease is for 10 years, and asking rent was $145 per square foot.
Cushman & Wakefield’s Tara Stacom, Peter Trivelas, Harry Blair, and Remy Leibersohn represented landlord Marx Realty in the deal.
Niobrara Capital’s deal brings 545 Madison to 90% leased. Other private equity firms at the property include Millennium Partners, Snow Phipps, Kohlberg, Orangewood Capital and Vialto Group.
Marx Realty refers to 545 Madison as the Baccarat Building, because of the office co-cobranding partnership it has with the French glassware firm. The lobby and entryway feature Baccarat chandeliers while a tenant lounge on the eighth floor has Baccarat fixtures, barware and accessories.
Marx Realty CEO and President Craig Deitelzweig said in a statement that those touches have proven attractive to potential tenants.
“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,” he said. “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.”
Newmark’s C.J. Heitner and John Cilmi led a team that represented Niobrara Capital in the deal. Neither representatives from Newmark nor Niobrara Capital responded to requests for comment before press time.