Leases  ·  Office

Marx Rebranding 545 Madison Office Property With Crystal Maker Baccarat

Baccarat also signed on for 10,138 square feet at the Plaza District property

reprints


French fine glassmaker Baccarat is relocating its New York office and leaving a shimmering trail in its wake.

Landlord Marx Realty plans to rebrand its office property at 545 Madison Avenue with Baccarat as part of the deal, installing Baccarat crystal chandeliers and barware in the lobby and tenant lounge, the New York Post first reported.

SEE ALSO: Industrious Adds More Coworking Space in LA’s Century City

Aside from the branding agreement, Baccarat signed an 11-year lease for 10,138 square feet on the top floor of the 18-story building, according to Marx. Asking rent was $135 per square foot.

The move will increase the size of Baccarat’s New York office footprint by 75 percent from its current 5,809 square feet at 635 Madison Avenue, four blocks north of its new address. The brand’s retail location on the ground floor of 635 Madison will stay put, a Marx spokesperson said.

Baccarat was founded in the 18th century and is still based in its namesake Baccarat in northeast France. It has been in the hotel business for close to a decade. It opened the 116-room Baccarat Hotel with Starwood Capital at 29 West 53rd Street in 2015.

“They’ve been around for 260 years. It made so much sense to collaborate on the building,” Marx President and CEO Craig Deitelzweig said. “Our buildings are hospitality-inspired, and they have the Baccarat hotels.”

Deitelzweig added that tenants are increasingly seeking luxurious amenities, and Marx Realty has been trying to oblige.

Marx dropped $100,000 last year on a Porsche Taycan emblazoned with the landlord’s logo to shuttle tenants of its 10 Grand Central office tower around Midtown. 

Now, the landlord will outfit 545 Madison’ eighth-floor Leonard Lounge with Baccarat pendant lights and its Lady Crinoline chandelier.

“The experience that the building offers is the No. 1 thing tenants look for,” Deitelzweig said. “It feels like a social club, but it’s for the tenants in the building.”

Financial software developer Strike Technologies is one of the oldest tenants in the building. Others include private equity firms Snow Phipps, Kohlberg & Company, Vialto Partners and Orangewood Capital.

Cushman & Wakefield (CWK)’s Tara Stacom, Harry Blair, Peter Trivelas, Remy Liebersohn, Connor Daugstrup and Bianca Di Mauro brokered the deal for Marx, while Baccarat was represented by Lantern Real Estate’s Matthew Siegel and Jessica Adler.

C&W’s brokers declined to comment. Siegel and Adler did not immediately respond to a request for comment.

Abigail Nehring can be reached at anehring@commercialobserver.com.