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An $800 million refinancing has been completed for The Olayan Group’s 550 Madison Avenue, a 41-story landmark office tower in Midtown Manhattan. Cushman & Wakefield and Greystone arranged the new loan on behalf of Olayan, securing capital for the repositioned asset in the heart of New York City.
The financing package was led by Rothesay, described as the UK’s largest specialist pensions insurer, and ING Capital. They were joined by a syndicate of co-lenders that includes Crédit Agricole CIB, BBVA, BNP Paribas, Société Générale and Chubb, underscoring a broad base of institutional participation in the transaction.
The capital advisory effort drew on a large team across both arranging firms. Cushman & Wakefield’s team comprised John Alascio, Gideon Gil, Alexander Hernandez, Alex Lapidus, Zach Kraft, Meredith Donovan and Cecelia Galligan. They worked in collaboration with Greystone Capital Advisors professionals Drew Fletcher, Bryan Grover and Jesse Kopecky, who jointly advised The Olayan Group throughout the refinancing process.
Under Olayan’s ownership, 550 Madison Avenue has undergone a significant repositioning. The building has been transformed from a former single-tenant corporate headquarters into a multi-tenant office destination, with the renovation aimed at establishing the property as a premier workplace environment. Originally opened in 1984 as the headquarters of AT&T and later occupied by Sony, the tower is recognized as New York City’s youngest individual landmark, adding architectural and historic significance to its investment profile.
Commenting on the transaction, Fletcher framed the refinancing as evidence of institutional appetite for high-quality office assets that have been fully updated to contemporary standards in New York City. He noted that 550 Madison Avenue combines iconic design, a comprehensive reinvention strategy and a long-term ownership approach, elements that appear to resonate with global lenders active in the market.
The closing of this refinancing reinforces the role of landmark, repositioned office properties in attracting large-scale debt capital, even as broader office market dynamics remain in flux. For Olayan, the execution provides fresh financing on a flagship Midtown Manhattan asset that has been strategically reoriented toward multi-tenant occupancy.
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