Private Equity Firm TruArc Partners Renews at 545 Madison Avenue
By Rebecca Baird-Remba February 15, 2024 10:50 am
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Financial firm TruArc Partners is staying put at 545 Madison Avenue.
The 3-year-old private equity outfit signed a seven-year, 10,000-square-foot lease extension on the 10th floor of the 18-story building, according to landlord Marx Realty. Asking rent in the building ranges from $86 to $135 per square foot.
Cushman & Wakefield’s Tara Stacom represented the landlord, while JLL’s Evan Margolin and Benjamin Levy handled the deal for TruArc. Spokespeople for C&W and JLL didn’t immediately return requests for comment.
Craig Deitelzweig, the president and CEO of Marx Realty, described the lease as “a testament to the enduring trust in Marx Realty’s team and the distinctive hospitality-inspired features of the building.” Marx recently co-branded the property with luxury brand Baccarat, which took 10,000 square feet of office space on the top floor of the building in the process.
Marx acquired the 140,000-square-foot office building in 2019 and then undertook a $24 million renovation. The work included adding a 7,000-square-foot tenant amenity space with a lounge, cafe, landscaped terrace and boardroom and revamping the entrance and lobby with a midcentury aesthetic.
Several other financial firms are in the building, including Snow Phipps, Corniche Growth Advisors, GTS and Helix Partners. Financial tech firm Strike Technologies has been a tenant there for more than a decade, and Qurate Retail Group — formerly known as HSN — also has space in the building.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
