{"id":1004195668,"date":"2017-11-01T04:59:27","date_gmt":"2017-11-01T12:59:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004195668"},"modified":"2022-12-02T15:35:27","modified_gmt":"2022-12-02T23:35:27","slug":"olayan-chelsfield-unveil-300m-nyc-office-reno-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olayan-chelsfield-unveil-300m-nyc-office-reno-plan\/","title":{"rendered":"Olayan, Chelsfield Unveil $300M NYC Office Reno Plan"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004195670\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004195670\" data-attachment-id=\"1004195670\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-to-break-ground-on-mexico-city-logistics-center\/dbox-hero\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;550 Madison&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Rendering Credit: DBOX (PRNewsfoto\/550 Madison)&quot;,&quot;created_timestamp&quot;:&quot;1509321600&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;DBOX-Hero&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"550 Madison rendering\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;550 Madison rendering&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004195670 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg\" alt=\"550 Madison rendering\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/DBOX.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004195670\" class=\"wp-caption-text\">550 Madison rendering; photo credit DBOX<\/p><\/div>\n<p>Olayan America and Chelsfield unveiled plans for the renovation of 550 Madison Ave. in Midtown Manhattan. The partnership chose architecture and design firm Sn\u00f8hetta to serve as lead architect on the project. Olayan America acquired the property in\u00a0<span class=\"xn-chron\">May 2016<\/span>\u00a0for\u00a0<span class=\"xn-money\">$1.4 billion<\/span>\u00a0as a <a href=\"https:\/\/www.commercialsearch.com\/news\/ing-provides-financing-for-olayans-nyc-asset-again\/\">multi-generational asset<\/a>.<\/p>\n<p>Completed in 1984, 550 Madison was originally designed by\u00a0<span class=\"xn-person\">Philip Johnson<\/span>\u00a0for single-tenant occupancy, serving as the world headquarters for its corporate owners. Since the departure of the Sony Corp. over a year-and-a-half ago, its office floors have\u00a0been vacant.\u00a0<\/p>\n<h2>Bold\u00a0Plans Ahead\u00a0<\/h2>\n<p>The\u00a0<span class=\"xn-money\">$300 million<\/span>\u00a0renovation of the former AT&amp;T Building\u00a0and\u00a0Sony Building will modernize the interior spaces, as well as add high-quality amenities, world-class retail and restaurants. Moreover, the proposed public space will nearly double in size to create an outdoor garden.\u00a0While the recognizable top of the tower will remain a fixture of the\u00a0<span class=\"xn-location\">New York City<\/span>\u00a0skyline, the new design will transform the base into an inviting street front, extending the activity of Madison Avenue further south to 55th Street.\u00a0<\/p>\n<p>With the updated design, the stone fa\u00e7ade will be partially replaced at eye level by an undulating glass curtainwall. From the street, the reconceived fa\u00e7ade highlights the multi-story arched entry, while revealing the craftsmanship of the building&#8217;s existing steel structure, in addition to scalloped glass references.\u00a0<\/p>\n<div id=\"attachment_1004195674\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004195674\" data-attachment-id=\"1004195674\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/olayan-chelsfield-unveil-300m-nyc-office-reno-plan\/550madison-credit-alex-fradkin\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;550 Madison&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Photography Credit: Alex Fradkin (PRNewsfoto\/550 Madison)&quot;,&quot;created_timestamp&quot;:&quot;1509321600&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;550Madison-Credit-Alex-Fradkin&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"550 Madison Ave. exterior; photo credit Alex Fradkin\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;550 Madison Ave. exterior; photo credit Alex Fradkin&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004195674 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg\" alt=\"550 Madison Ave. exterior; photo credit Alex Fradkin\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/550-Madison-rendering.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004195674\" class=\"wp-caption-text\">550 Madison Ave. exterior; photo credit Alex Fradkin<\/p><\/div>\n<p>The garden, set to include\u00a0water features and trees, will have more than 10 times the amount of planted area as the previous public space. The existing mid-block passageway at the rear of the tower connecting 55th and 56th Street will be transformed into a\u00a0open-air public space.<\/p>\n<p>The renewed 550 Madison is targeting LEED Gold for sustainability, WELL-certification for healthy materials and well-being, and Wired-certification for digital infrastructure. It will employ a Dedicated Outdoor Air Ventilation System (DOAS), ensuring tenants have access to a continuous supply of clean fresh air, while consuming less energy than typical VAV mechanical ventilation systems. The renovated 550 Madison will be ready for new tenants in 2019.<\/p>\n<p>Lead brokers for the project are CBRE&#8217;s CEO\u00a0<span class=\"xn-person\">Mary Ann Tighe and<\/span>\u00a0Vice Chairmans Howard Fiddle and\u00a0<span class=\"xn-person\">Scott Gottlieb.\u00a0<\/span>\u00a0<\/p>\n<p><em>Images courtesy of\u00a0Olayan America<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>550 Madison Ave. in Midtown Manhattan will undergo modernization to its interior spaces, as well as adding high-quality amenities, world-class retail and restaurants. The renovated property is targeting LEED Gold certification and will be ready for new tenants in 2019.<\/p>\n","protected":false},"author":746,"featured_media":1004195670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,1600,21742,10,21747],"tags":[32789,32803],"class_list":["post-1004195668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-olayan-america"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Olayan, Chelsfield Unveil $300M NYC Office Reno Plan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/olayan-chelsfield-unveil-300m-nyc-office-reno-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olayan, Chelsfield Unveil $300M NYC Office Reno Plan\" \/>\n<meta property=\"og:description\" content=\"550 Madison Ave. in Midtown Manhattan will undergo modernization to its interior spaces, as well as adding high-quality amenities, world-class retail and restaurants. 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