Cushman & Wakefield and Greystone have arranged an $800-million loan to refinance The Olayan Group’s 550 Madison Ave., a 41-story landmarked office tower in Midtown Manhattan. The financing was provided by Rothesay, the UK’s largest specialist pensions insurer, and ING Capital, together with co-lenders including Crédit Agricole CIB, BBVA, BNP Paribas, Société Générale and Chubb.
Cushman & Wakefield’s John Alascio, Gideon Gil, Alexander Hernandez, Alex Lapidus, Zach Kraft, Meredith Donovan and Cecelia Galligan, in collaboration with Greystone Capital Advisors’ Drew Fletcher, Bryan Grover and Jesse Kopecky, advised The Olayan Group on the transaction.
550 Madison Ave. has undergone a transformative repositioning under The Olayan Group’s ownership. The renovation reimagined the former single-tenant headquarters into a premier multi-tenant workplace destination. Opened in 1984 as the headquarters of AT&T and later Sony, thr property is recognized as New York City’s youngest individual landmark.
“This refinancing underscores the depth of institutional demand for best-in-class, fully repositioned office assets in New York City,” said Fletcher. “550 Madison Ave. stands at the intersection of iconic architecture, thoughtful reinvention and long-term ownership vision.”
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