Patricof Signed Lease at 545 Madison Avenue
The firm will relocate its headquarters to a full floor in the Baccarat Building by 2027.
Updated on Sept. 29, 2026 in Commercial
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Patricof has committed to a 10-year lease for the entire 16th floor at 545 Madison Avenue, moving from its current offices on East 51st Street. The company will settle into the new Midtown space by the end of the first quarter of 2027.
Why it matters
This long-term move shifts the firm's presence to the 17-story Baccarat Building, a notable commercial address in Midtown. The move marks a significant change in local logistics for the firm as it transitions from its current site at 34 East 51st Street.
The 10-year lease covers 7,500 square feet on the 16th floor of the building. This transaction follows the building's prior market activity, which saw asking rents of $145 per square foot.
The players
Marx Realty
An established commercial real estate owner and developer known for managing high-profile office assets in Manhattan.
Patricof
A growing professional firm currently transitioning its headquarters within the Midtown area.
The details
The transaction was facilitated by representatives from Transwestern for the tenant and Cushman & Wakefield for the owner, Marx Realty. Patricof will occupy the entire 16th floor of the 17-story property, known locally as the Baccarat Building. The firm joins existing tenants such as Niobrara Capital and Vialto Group in the Midtown location.
Timeline
Marx Realty announced the 10-year lease agreement on September 29, 2026.
Patricof will finalize its relocation to the new office in the first quarter of 2027.
The Home Front
This move reflects the ongoing evolution of Midtown Manhattan commercial office occupancy trends. Large, long-term lease commitments at prominent addresses continue to define the market as firms reassess their local footprints.
Business relocations of this scale in Midtown often influence local foot traffic and service demand in the surrounding neighborhood. Residents should monitor area construction or building updates if they live or work near the 545 Madison Avenue corridor.
The takeaway
This 10-year lease secures a major office presence for the firm in the heart of Midtown. Local stakeholders can anticipate the transition to be completed in the first quarter of 2027.
Further reading
For more on local market shifts, visit our section on Commercial.
Source note: This article includes information reported by Commercial Observer.
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