{"id":1004789004,"date":"2026-02-23T05:14:11","date_gmt":"2026-02-23T13:14:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004789004"},"modified":"2026-02-23T06:46:54","modified_gmt":"2026-02-23T14:46:54","slug":"olayan-group-grows-manhattan-tower-debt-to-800m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/","title":{"rendered":"Olayan Ramps Up Manhattan Tower\u2019s Loans to $800M"},"content":{"rendered":"\n

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\u2019s previous lender, provided an additional $230 million, The Real Deal<\/em> reported.<\/p>\n\n\n

\n
\"Aerial<\/a>
The office tower rises 41 stories at 550 Madison Ave. in Midtown Manhattan. Image courtesy of The Olayan Group<\/em><\/figcaption><\/figure><\/div>\n\n\n

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,<\/p>\n\n\n\n

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\u2014said to resemble a piece of Chippendale furniture\u2014it was completed in 1983 as a headquarters for AT&T. It was sold to Sony Corp. of America at the end of 2001.<\/p>\n\n\n\n

The property underwent a $300 million capex plan to redesign the lower floors and the lobby, The Real Deal<\/em> reported, adding that the building\u2019s current occupancy is about 96 percent.<\/p>\n\n\n\n

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 Herm\u00e9s (72,000 square feet), Yardi Matrix shows.<\/p>\n\n\n\n

Higher demand, big money<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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

And only about 10 days later, Global Holdings Management Group Inc. neared nailing down a $450 million CMBS loan from Wells Fargo<\/a> for Nomad Tower, a 757,154-square-foot Midtown office high-rise.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property’s previous mortgage amounted to $570 million.<\/p>\n","protected":false},"author":882,"featured_media":1004789013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1600,21742,10,21747],"tags":[36643,32779,49420,41033],"class_list":["post-1004789004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-chetrit-group","tag-leed","tag-olayan-group","tag-voya-financial"],"acf":[],"yoast_head":"\nOlayan Ramps Up Manhattan Tower\u2019s Loans to $800M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The Olayan Group has ramped up its borrowing on 550 Madison in Midtown Manhattan to a total of $800 million.\" \/>\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-grows-manhattan-tower-debt-to-800m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olayan Ramps Up Manhattan Tower\u2019s Loans to $800M\" \/>\n<meta property=\"og:description\" content=\"The Olayan Group has ramped up its borrowing on 550 Madison in Midtown Manhattan to a total of $800 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/\" \/>\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=\"2026-02-23T13:14:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-23T14:46:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/550-Madison.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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-grows-manhattan-tower-debt-to-800m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/\",\"name\":\"Olayan Ramps Up Manhattan Tower\u2019s Loans to $800M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/550-Madison.jpg\",\"datePublished\":\"2026-02-23T13:14:11+00:00\",\"dateModified\":\"2026-02-23T14:46:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"The Olayan Group has ramped up its borrowing on 550 Madison in Midtown Manhattan to a total of $800 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olayan-group-grows-manhattan-tower-debt-to-800m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/550-Madison.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/02\/550-Madison.jpg\",\"width\":1200,\"height\":900,\"caption\":\"550 Madison rises 41 stories in Manhatan. 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