Niobrara Capital is trading one blue-chip Midtown address for another, signing a 10-year lease at the Baccarat Building at 545 Madison Avenue and packing up from its current home at 345 Park Avenue. The private-equity firm’s move adds one more finance player to a tower that owner Marx Realty has been carefully recasting as a luxury-forward, hotel-style clubhouse for investment firms that want service and branding over sheer bulk.
According to the New York Business Journal, Niobrara inked a decade-long deal at the Baccarat Building and will relocate from 345 Park Ave. The outlet noted in its June 29, 2026 item that neither the rent nor the square footage for the lease was disclosed.
How Baccarat Branding Remade the Midtown Tower
Marx Realty teamed up with French crystal icon Baccarat to overhaul 545 Madison’s lobby and common areas and to install a Baccarat-branded, two-level penthouse that serves as the company’s U.S. headquarters. CoStar has detailed the glitzy upgrades, including chandeliers, branded barware in the tenant lounge and other design flourishes that Marx is pitching to finance tenants as a hospitality-style alternative to the area’s much larger office towers.
Who Is Already In The Building
Marx’s own materials show that the Baccarat Building is already home to a tight cluster of financial and private-equity outfits, including Millennium Partners, Snow Phipps and Kohlberg, alongside a mix of investment and wealth-management firms. Marx Realty promotes the 18-story property as a boutique Midtown address that leans heavily on service, high-end finishes and amenity-driven retention rather than sheer square footage.
So far, the strategy appears to be working. CoStar data pegs 545 Madison’s vacancy at about 6.2%, compared with roughly 13.6% for the broader Plaza District. That spread is exactly the kind of statistic landlords and brokers like to cite when arguing that brand partnerships can meaningfully tighten small to mid-sized Midtown office inventory.
Niobrara’s lease adds another mid-market private-equity name to the tenant roster and backs up Marx’s bet that a polished, branded, hospitality-style product can lure finance firms away from the classic trophy towers a few blocks away. As the New York Business Journal also noted, Marx and Niobrara have not released further deal terms or a specific move-in date.
