Renderings revealed for 550 Madison’s renovated lobby

The office tower’s $300M repositioning is expected to wrap up next year

TRD NEW YORK /
Oct.October 22, 2019 12:43 PM

Olayan Group and its partners can see the finish line for 550 Madison Avenue’s major rehab.

The local arm of the Saudi Arabian conglomerate has released renderings showing the new lobby, designed by Gensler. The central feature of the new entrance is a large rear window that frames a garden in the rear of the building.

The project is on track to wrap up by next year, according to a release. The building’s exterior was landmarked in August 2018, and the latest design proposal for the tower’s exterior was approved by the Landmarks Preservation Commission in February.

“We cannot wait to introduce Olayan’s brand of luxury hospitality for commercial tenants to New York next year,” said Erik Horvat, managing director of real estate at Olayan, in a release. CBRE is handling leasing.

Olayan bought the building, designed by renowned architect Philip Johnson and John Burgee, for $1.4 billion in 2016 from Chetrit Group and David Bistricer’s Clipper Equity. At the time, the former headquarters for AT&T, and later Sony Corporation of America, had been vacated to make way for a condo conversion.

Olayan partnered with U.K.-based developer and asset manager Chelsfield and later RXR Realty to execute a $300 million makeover of the tower into a multi-tenant office building, though the project was complicated by a contentious landmarking process.


Related Articles

arrow_forward_ios
Revamped design for 550 Madison receives Landmarks’ approval

Revamped design for 550 Madison receives Landmarks’ approval

Larkin Plaza (Credit: Rendering courtesy of SLCE Architects)

RXR project among developments caught up in alleged Gambino mob scheme

Scott Rechler and clockwise from top left: 2455-2457 Third Avenue, 150 West 48th Street and 42-11 9th Street (Credit: Google Maps, Getty Images)

RXR’s Long Island City development was the biggest new project filed in December

RXR CEO Scott Rechler and an aerial view of the site (Credit: Getty Images, Google Maps)

RXR plans 21-story LIC office building with manufacturing incentives

Steve Roth and 512 West 22nd Street (Credit: Getty Images)

E-commerce company inks pricey deal at Vornado’s High Line office space

Amazon CEO Jeff Bezos and RXR CEO Scott Rechler with 56-19 Grand Avenue in Queens (Credit: Getty Images, Google Maps)

Amazon nears lease at RXR’s Queens warehouse development

550 Madison Avenue (Credit: Google Maps)

Sony Building in talks with anchor tenant

620 Sixth Avenue and RXR Realty's Scott Rechler (Credit: Getty Images, RXR Realty)

RXR gets $400M+ from Goldman Sachs to refi Sixth Avenue building

arrow_forward_ios
Loading...