By Andria Cheng | December 19, 2023

French luxury crystal label Baccarat is expanding its New York office footprint in a planned relocation to a renovated boutique office building a few blocks south of its current home.

Baccarat will relocate its Manhattan office to a 10,000-square-foot penthouse and mezzanine space, including a private terrace, on the 18th floor of 545 Madison Ave. by French Luxury Brand Baccarat To Relocate Manhattan Office 55th Street, landlord Marx Realty said Monday in a statement. Baccarat is moving from its space just four blocks north at 635 Madison Ave., where it occupies 5,809 square feet, a Marx Realty spokesperson told CoStar News.

Baccarat’s new lease lasts 11 years with an asking rent of $135 per square foot, the spokesperson said. The brand’s retail location will remain in its current building just north of 59th Street.

As part of the luxury brand’s planned move, 545 Madison will co-brand with the luxury house and install its logo near the building’s entry marquee. Marx also will feature Baccarat’s crystal chandeliers as well as other luxury goods in its lobby and at its exclusive tenant lounge and terrace amenities space on the eighth floor.

“We proposed this partnership to Baccarat as we knew it would represent the perfect coupling of the 545 Madison brand and the Baccarat brand and would best reinforce the building’s position at the intersection of office, luxury, and hospitality,”Craig Deitelzweig, Marx president and chief executive, said in the statement.“It’s the next step in blurring the lines between the office and hotel experiences while aligning with the regal elegance of the Baccarat brand.”

Deitelzweig has been adopting hotel-like amenities and designs in Marx’s office portfolio to help attract tenants as New York’s vacancy rate has jumped to what CoStar data shows as a record high of 14%.

For instance, after the developer bought 545 Madison in late 2019, it renovated the building during the pandemic with hospitality elements and finishes, including warm walnut wood, velvet and bronze.

A uniformed doorman is stationed outside each office property, Deitelzweig has previously told CoStar News. 545 Madison has an occupancy rate of 90%, the Marx spokesperson said. That equates to a vacancy rate of 10%, below CoStar’s city average and the 13.3% rate in the Plaza where the building sits.

At another Marx property, 10 Grand Central, Marx last year introduced a hotel-like house-car concept to whisk office tenants around Manhattan. Vacancy at that building is about 10.5%, also below market average, CoStar data shows.Baccarat, for its part, is no stranger to hospitality. Its namesake luxury hotel is nearby at

At another Marx property, 10 Grand Central, Marx last year introduced a hotel-like house-car concept to whisk office tenants around Manhattan. Vacancy at that building is about 10.5%, also below market average, CoStar data shows.

Baccarat, for its part, is no stranger to hospitality. Its namesake luxury hotel is nearby at 28 W 53rd Street.

For the Record

A Cushman & Wakefield team of Tara Stacom, Harry Blair, Peter Trivelas, Remy Liebersohn, Connor Daugstrup and Bianca Di Mauro represented Marx in the transaction. Lantern Company’s Matt Siegel and Jessica Adler represented  Baccarat. David Burns and Kristin Kaiser of Studios Architecture worked with Marx’s in-house design team to re-imagine the lobby and amenity spaces at 545 Madison.

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