The private investment platform Patricof, which focuses on connecting professional athletes with investment opportunities, has concluded a 7,500 square foot lease at Marx Realty's office property at 545 Madison Avenue in Midtown. This was announced by the landlord on Tuesday. The lease has a term of ten years and encompasses the entire 16th floor of the 17-storey office building, which is located between East 54th and East 55th Street.
The asking rent was not disclosed. However, previous reports from Commercial Observer cited an asking rent of $145 per square foot for the building. According to its website, Patricof is currently located at 34 East 51st Street and will relocate to Madison Avenue at the end of the first quarter of 2027.
Attractive Design and High-Quality Amenities
Craig Deitelzweig, President and CEO of Marx Realty, commented on the new occupancy in a statement: "Patricof's move to 545 Madison Avenue underscores the high quality of tenants attracted to the building's distinctive design. The deliberate design features and refined warmth create a hospitality-driven atmosphere that appeals to best-in-class firms. We are delighted to welcome Patricof as it grows in this new location."
Patricof was represented in the transaction by Chase Gordon and Luke Dillmeier of Transwestern. Marx Realty was represented by Tara Stacom, Peter Trivelas, Harry Blair and Remy Liebersohn of Cushman & Wakefield.
Hotel-Inspired Concept and Other Tenants
Marx Realty is known for its hotel-inspired approach to office management. The company designs its office properties with luxurious finishes and hotel-style amenities, including doorman and chauffeur services. 545 Madison Avenue is also known as the Baccarat Building, as it is adorned with Baccarat crystals. Other tenants in the building include private equity firms Niobrara Capital and Vialto Group, as well as Baccarat itself, which occupies the penthouse office.
