{"id":1004668679,"date":"2023-06-21T04:06:16","date_gmt":"2023-06-21T12:06:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004668679"},"modified":"2023-06-30T05:29:44","modified_gmt":"2023-06-30T13:29:44","slug":"olayan-group-inks-144-ksf-hq-lease-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olayan-group-inks-144-ksf-hq-lease-in-manhattan\/","title":{"rendered":"Olayan Group Inks 144 KSF HQ Lease in Manhattan"},"content":{"rendered":"
\"550<\/a>

550 Madison Ave. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Olayan Group <\/strong>has signed a 144,000-square-foot lease agreement with private investment advisory firm Clayton Dubilier & Rice <\/strong>at 550 Madison Ave. in Midtown Manhattan.<\/p>\n

Fried Frank<\/strong> Partners Robert Sorin and Valerie Kelly, along with Special Counsel Danielle Frank, brokered the agreement on the ownership\u2019s behalf.<\/p>\n

The 852,796-square-foot property was completed in 1983 and acquired by Olayan back in 2016 for $1.4 billion, in a transaction backed by a $570 million loan, the same data provider reveals.<\/p>\n

\n

READ ALSO<\/strong>: Leasing Activity Animates Slow Manhattan Office Market<\/a><\/p>\n

\n

Clayton signed a lease for more than 10 years to relocate from its current 70,000-square-foot office space at the Seagram Building, CommercialObserver <\/em>reported. The company will occupy the 18th through 22nd floors, as well as the 26th floor, resulting in a doubling of its current New York City footprint.<\/p>\n

According to the same source, The Olayan Group has recently invested $300 million in the renovation of its 550 Madison Ave. office building. The revamps included upgrading the retail spaces, facade and public garden.<\/p>\n

The renovated property now features 14-foot ceiling heights and column-free floorplates, food and beverage options, shared conference rooms<\/a>, as well as fitness and wellness facilities, as previously reported by Commercial Property Executive<\/em>.<\/p>\n

Manhattan’s high rental rates<\/h2>\n

Clayton Dubilier & Rice will be relocating its headquarters to the 41-story office building, joining the existing tenant roster comprising landlord Olayan Group, Corsair Capital and Sarock Music Productions, according to CommercialEdge. Last year, the owner also signed a 71,757-square-foot lease<\/a> with French luxury design house Herm\u00e8s.<\/p>\n

According to a recent CommercialEdge report<\/a>, 550 Madison Ave. had the highest-priced listing in the borough as of May, at $210 per square foot.<\/p>\n

The report also indicates that Manhattan maintained its position as the most expensive rental office market, ending last month with an average asking rate of $73.57 per square foot. Additionally, the office vacancy rate in the area remained close to the national average of 17 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

The space was the borough\u2019s highest-priced listing as of May, according to CommercialEdge.<\/p>\n","protected":false},"author":3030,"featured_media":1004668680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[37433,49420],"class_list":["post-1004668679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-fried-frank","tag-olayan-group"],"acf":[],"yoast_head":"\nOlayan Group Inks 144 KSF HQ Lease in Manhattan - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Olayan Group has signed a 144,000-square-foot lease with private investment advisory firm Clayton Dubilier & Rice at 550 Madison Ave. in NYC.\" \/>\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-group-inks-144-ksf-hq-lease-in-manhattan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olayan Group Inks 144 KSF HQ Lease in Manhattan\" \/>\n<meta property=\"og:description\" content=\"Olayan Group has signed a 144,000-square-foot lease with private investment advisory firm Clayton Dubilier & Rice at 550 Madison Ave. in NYC.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/olayan-group-inks-144-ksf-hq-lease-in-manhattan\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T12:06:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T13:29:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/550-Madison-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-inks-144-ksf-hq-lease-in-manhattan\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-inks-144-ksf-hq-lease-in-manhattan\/\",\"name\":\"Olayan Group Inks 144 KSF HQ Lease in Manhattan - 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