Provides another piece of evidence for the flight mass theory.
Private investment advisory firm Clayton Dubilier & Rice signed a lease for 144,000 square feet at the Olayan Group’s 550 Madison Avenue, planning to occupy six floors, more than doubling its footprint from the Seagram Building.
The 41-story, 800,000-square-foot Midtown tower between East 55th and East 56th Streets recently underwent an approximately $300 million renovation.An architectural publication once called it “Manhattan’s weirdest tower“
Lease details, including the term and asking rent, were not disclosed in Olayan’s announcement, but Crain’s Report The annual asking rent is about $150 per square foot.business observer Report The lease term is more than 10 years.
Olayan renovated the building’s other tenants with Scott Rechler’s RXR, including global insurance giant Chubb Limited, which occupies 10 floors, 240,000 sq ft; luxury brand Hermès, which has a 72,000 sq ft headquarters lease; 25,000 sq ft ft. consulting firm Junto Capital and investment firm Corsair Capital leasing 4,000 sf.
The new tenant has a broad range of businesses spanning healthcare, technology and financial services. It began in 1978 and has invested more than $40 billion in more than 100 companies.