Olayan Ramps Up Manhattan Tower’s Loans to $800M

February 23, 2026

Finance New York News Northeast More Office

The property's previous mortgage amounted to $570 million.

The Olayan Group has ramped up its borrowing on 550 Madison in Midtown Manhattan, home to its Americas headquarters, to a total of $800 million. ING, the building’s previous lender, provided an additional $230 million, The Real Deal reported.

Aerial view of the 550 Madison office tower in Manhattan — The office tower rises 41 stories at 550 Madison Ave. in Midtown Manhattan. *Image courtesy of The Olayan Group*

Olayan had taken out a $570 million variable-rate loan from Voya Financial in 2016, according to information provided by Yardi Matrix. That note financed the asset’s $1.4 billion acquisition from The Chetrit Group,

Designed by starchitects Philip Johnson and John Burgee, the LEED Platinum-certified tower totals 837,800 rentable square feet across 41 stories. Initially controversial for its distinctive pediment—said to resemble a piece of Chippendale furniture—it was completed in 1983 as a headquarters for AT&T. It was sold to Sony Corp. of America at the end of 2001.

The property underwent a $300 million capex plan to redesign the lower floors and the lobby, The Real Deal reported, adding that the building’s current occupancy is about 96 percent.

The high-rise is the Western Hemisphere headquarters for Olayan itself. Other major tenants include Chubb (241,647 square feet); Clayton, Dubilier & Rice (144,000 square feet); Aquarian Investments (75,000 square feet); and Hermés (72,000 square feet), Yardi Matrix shows.

Higher demand, big money

The Midtown office submarket is enjoying its lowest availability since July 2020, according to a fourth-quarter report from Colliers. Demand hit nearly 5.3 million square feet, one-fourth more over the quarter.

In connection with that, Colliers reported the asking rent average went up 2.7 percent during the quarter to $82.92 per square foot, the highest since October 2020.

Big lending deals have been hot in Manhattan lately. Just earlier this month, Brookfield Properties obtained an $800 million loan to refinance 225 Liberty St., a 44-story, 2.4 million-square-foot Class A building.

And only about 10 days later, Global Holdings Management Group Inc. neared nailing down a $450 million CMBS loan from Wells Fargo for Nomad Tower, a 757,154-square-foot Midtown office high-rise.