The Olayan Group announced that global property and casualty insurance firm Chubb has signed a lease for 240,000 square feet of office space at the newly revitalized 550 Madison Avenue.
The insurance is the the first tenant of the iconic, Philip Johnson designed office tower that has been transformed by Olayan Group to a world-class multi-tenant new office space.
The building is now the city’s healthiest place to work, the only building in New York targeting both LEED Platinum and WELL Gold certifications. The Chubb lease represents more than 31% of the building’s rentable office space.
“550 Madison is unlike any building in New York, combining the single healthiest office environment in the city with globally recognized landmark architecture,” said Erik Horvat, Managing Director, Head of Real Estate for Olayan America. “We pride ourselves on creating world-class spaces that inspire leadership and creativity, and we are proud to welcome Chubb –a company that shares those values–as our anchor tenant.”
Earlier this year, the building’s newly renovated lobby, redesigned by Gensler, was unveiled with a new art installation from world-renowned artist Alicja Kwade, entitled Solid Sky. The work is a 24 ton Azul do Macaubas sphere hanging by ten polished stainless steel chains just 12 feet above the floor, and highlights the impressive height and clear verticality of the main hall, honoring Johnson’s original postmodern vision.
550 Madison has also partnered with luxury publisher Assouline to curate a library for the landmark office tower as an exclusive amenity for tenants on the club level, which is being designed by Rockwell Group. The partnership is the first of its kind for the publisher, the first office amenity to be envisioned by Assouline.
Since its opening in 1984, 550 Madision has housed just two tenants – AT&T and Sony. The Olayan Group acquired the tower in 2016 and the building became New York City’s youngest landmark in 2018. It will open in 2022 as a multi-tenant building for the first time.
The 800,000 s/f tower features 14-foot high ceilings; large, column-free floor plates; north, south, east, and west-facing views of New York City; river to river sightlines; and offices overlooking Central Park.
The ownership and development team is creating a one-of-a-kind amenity package which all tenants and visitors can access – this will include food and beverage concepts, lounges, shared conferencing and work spaces, as well as distinctive fitness and wellness offerings.
Olayan is working with development partner RXR Realty on the revitalization of 550 Madison. Both firms have deep experience preserving and modernizing historic and landmark buildings in the US and internationally, includingthe iconic Helmsley Building, 75 Rockefeller Plaza, and the Starrett-Lehigh Building in New York City.
AECOM Tishman is the Construction Manager for the revitalization of 550 Madison. CBRE is the exclusive leasing agent for the building.