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New York & Tri-State  + Midtown New York  + Office  |  September 8, 2022
550 Madison Ave., built as single-tenant offices, is undergoing a repositioning as a multi-tenant Class A property
Paul Bubny
By: Paul Bubny

Corsair Investment Firm Leases Full Floor at Repositioned 550 Madison Ave.

Corsair Capital LP has leased 23,919 square feet at the Olayan Group’s 550 Madison Ave., a landmarked office building that is now completing a comprehensive repositioning as multi-tenant office space. The property opened in 1984 and has housed the headquarters of just two tenants: AT&T and Sony. 

Corsair is a global specialist investment firm offering which has invested $12 billion in capital across its global buyouts and infrastructure platforms since inception. It will relocate from 717 Fifth Ave.in a 15-year lease. 

The Olayan Group acquired 550 Madison in 2016 and launched the repositioning project. The property has recently completed a 240,000-square-foot lease with Chubb Limited and a 72,000-square-foot headquarters lease with Hermès. 

“We are pleased to welcome Corsair to 550 Madison as we complete its transformation into one of the most dynamic and sophisticated destinations in New York City,” said Erik Horvat, managing director of real estate at Olayan America.  

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Olayan Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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