545 Madison 50% leased, after two years

Investment firm BHR Capital has signed a five-year lease for 8,800 square feet of office space at 545 Madison Avenue, according to the Observer. The new lease now puts the 140,000-square-foot building on the corner of 55th Street at 50 percent occupied. Although it wasn’t clear how much BHR is paying in rent, landlord LCOR said that rents at the building are now in the mid-to-upper-$70s. CB Richard Ellis represented LCOR in the deal, while Jones Lang LaSalle represented the tenant. The building, which first began courting tenants in September 2008, has had a tough time attracting tenants throughout the financial downturn. In early 2010, the office tower was just 15 percent leased. [NYO]