A global holding company with $ 22 billion in managed assets has claimed what the most coveted location could be, of Midtown Crown Office.
Aquarian Holdings LP signed a lease with 550 Madison Ave. of landlords Olayan Group for 75,000 Madison, with three levels of the owner’s “chippendal” tower with three levels, Penthouse, Realty Check has learned.
It rents 750,000 square legs at about 96%.
Olayan bought the Pink Granite tower for $ 1.4 billion in 2016 when it was empty and updated it for at least $ 300m more. The company redesigned the lower floor facade and the enlarged retail windows under the alert eye of the Landmarks Conservation Commission. Office floors and lobby were re-eminent and systems re-elected to 21st century tenants.
The repositioning also includes a new arcade, with long blockage, with blocking, glass and garden between the 55th East and East Roads.
The building designed by Philip Johnson- and John Burgee is the home of tenants named Marque, including Chubb Ltd., which was the first to sign in 240,000 square meters; Private capital firm Clayton Dubilier & Rice, with 144,000 square meters; and Hermes for its headquarters 72,000 American square legs.
One source said that only the 22nd floor and a small predetermined section of the 34th floor remain available.
On the retail side, Simon Kim’s wonderful hospitality group rented the 550 floor corner for the northern Madison land, leaving only the retail in the south end that will not be claimed.
The performance of the tower’s renting has been epic. Since we wrote in November 2021 that 550 Madison was rated as an “bell” for the office market, which was fighting from the Pandemia, about 303,500 square meters of officials went for more than $ 100 per square foot-for the highest percentage of the city of C-notes in one.
Aquarian, currently based on 40 Avenue 10 in Chelsea, was founded by Rudy Sahay, who previously co-founded the 54 Madison Partners Firm and was a founding member of Guggenheim Partners.
Aquarian recently formed a joint venture with Raven Capital Management, an investment fund in the music industry.
He also announced the creation of Aquarian Insurance Holdings, a common structure for re -incoring company and retail businesses.
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Image Source : nypost.com