Investment and Advisory Platform Leases Full Floor at 545 Madison
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
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On the RET wire
- One of 25 office stories tracked on the wire in October 2026. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Marx Realty announced that Patricof Co, a specialized investment and advisory platform serving professional athletes, has signed a 10-year lease at 545 Madison. At the Plaza District office building, the firm will occ…
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