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Chubb Will Anchor Revamped 550 Madison Ave., Now a Multi-Tenant Property
Chubb has signed a lease for 240,000 square feet of office space at Olayan Group’s newly revitalized 550 Madison Ave. The global insurer is the first tenant to sign at the Philip Johnson-designed Midtown Manhattan tower, which will reopen in 2022 as a multi-tenant office property.
Originally a single-tenant property occupied first by AT&T and then by Sony, the circa-1984 550 Madison was acquired by Olayan in 2016. Currently it’s New York City’s only office property targeting both LEED Platinum and WELL Gold certification, according to Olayan.
“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, 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.”
Photo credit: James Ewing, courtesy of Gensler.
