Private equity firm leases 24,000 SF in newly repositioned landmark
The Olayan Group today announced that Corsair Capital LP has leased 23,919 square feet of space in 550 Madison Avenue, the landmarked office building located between East 55th and 56th streets in Midtown Manhattan that is now completing a comprehensive repositioning.
Corsair is a global specialist investment firm offering opportunities for investors and solutions for companies across financial services, business services and infrastructure. The firm, which has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception, will relocate from 717 Fifth Avenue to the entire 22nd floor of 550 Madison in a 15-year lease.
Designed by Philip Johnson and John Burgee, 550 Madison is globally recognized for its extraordinary postmodernist architecture. Since its opening in 1984, the iconic 41-story building has housed the headquarters of just two tenants – AT&T and Sony.
The Olayan Group acquired550 Madison in 2016 and launched a repositioning project to transform it into a world-class multi-tenant new office space, while maintaining its architectural history. The structure and envelope have been reused to minimize material use and preserve the historic components of the original building.
The property, which proudly became New York City’s youngest landmark in 2018,has recently completed a 10-floor, 240,000-square-foot lease with global insurance giant Chubb Limited, and a three-floor, 72,000-square-foot headquarters lease with Hermès.
“We are pleased to welcome Corsair to 550 Madison as we complete its transformation into one of the most dynamic and sophisticated destinations in New York City,” said Erik Horvat, Managing Director of Real Estate at Olayan America. “550 Madison benefits from an iconic history and world-class architecture that have been enhanced by best-in-class sustainability initiatives, a market-leading club level amenity space, public green space, and a powerful wellness program.”
World renowned design firm Snøhetta has designed a new public garden for all New Yorkers and visitors to enjoy at 550 Madison. The 21,000-square-foot garden adjacent to the building will be a vibrant new space with planting and seating that will become a true public amenity for the neighborhood with access to fresh air, greenery, and sunlight. A full 44% of the space will be planted with a diversity of carefully selected plantings – including evergreens, perennials, and flowering shrubs – that will celebrate the dynamic seasonality of the Northeastern climate, creating a welcoming retreat in the densely-built streetscape no matter the time of year. The garden will feature seating, tables, public bathrooms, and bike racks.
The building will also feature the latest ventilation technology, known as a dedicated outdoor air system (DOAS), which will infuse the entire structure with fresh, purified outdoor air. Buildings that use dedicated outdoor air systems have 30% more fresh air than those with other systems. This abundance of fresh and filtered air will help mitigate the spread of diseases, germs, and other viruses as there is more filtered air in the building, improving both health and productivity.
The iconic tower includes a robust set of sustainability amenities. A full 75% of all construction waste was recycled or salvaged; 35% of the building’s electricity demand is offset by purchasing renewable energy credits, and all garden irrigation needs will be met using captured and reused stormwater, saving over 93K gallons of water annually.
To learn more about 550 Madison and its renovation, visit www.550madison.com.
About The Olayan Group
The Olayan Group is a family-owned, multinational enterprise with an actively managed portfolio of international investments and diverse commercial and industrial operations. Originating in 1947, the Group today has offices in Vaduz, Athens, London, Luxembourg, Riyadh, Singapore, Vienna and New York, where Olayan has had a continuous presence for more than 50 years. Investing both directly and in partnership with leading developers, the Group has a diverse real estate portfolio that includes commercial, residential, and mixed-use properties.
