General Atlantic Signs 150 KSF at Manhattan Office Project

Growth equity firm General Atlantic has signed a 150,000-square-foot global headquarters lease at Related Cos.’ 625 Madison Ave., a 53-story office development in Manhattan’s Plaza District. The tenant will occupy five floors and will be anchoring the future office tower.

One other noteworthy large office lease in Plaza District was the 275,000-square-foot commitment at BXP’s 343 Madison Ave. Investment and insurance firm Starr inked a 20-year deal earlier this year at BXP’s office skyscraper, which is currently under construction. The project is scheduled for completion in 2029.

Other class A office projects underway in the Plaza District include Extell Development’s 655 Madison Ave., a 233,000-square-foot future mid-rise, as well as Rolex’s future U.S. headquarters, at 665 Fifth Ave., a 25-story asset scheduled for delivery this year, according to Yardi Matrix information.

The old makes way for the new at 625 Madison Ave.

Designed by Foster + Partners and Gensler, the 858,500-square-foot 625 Madison Ave. is slated for completion in 2029. Vertical construction at the 680-foot development began this summer. The high-rise has emerged as one of the first new, ground-up Class AA office projects to be completed in the Plaza District in recent years.

Related Cos. paid $632.5 million to SL Green in 2023 to purchase the former 1950s-completed office building. The new ownership demolished the previous 17-story property and began construction on the same parcel. Initial plans for the new 625 Madison Ave. revolved around a 66-story multifamily tower, New York YIMBY wrote last winter, with 101 luxury condominium units and 75,000 square feet of retail space.

Upon completion, Related Cos.’s office property will be in proximity to the firm’s other office assets in the Central Park area, namely the 1.8 million-square-foot Deutsche Bank Center at 10 Columbus Circle and the upcoming 1.4 million-square-foot 70 Hudson Yards office development at 517 W 36th St.