The Olayan Group has secured an $800 million loan for its Midtown, Manhattan office, 550 Madison Avenue.
The new deal adds $230 million worth of debt to the existing $570 million balance, according to a report from The Real Deal. It's unclear who provided or arranged the loan this time around. In 2016, when Olayan paid $1.4 billion to acquire 550 Madison, ING supplied the original loan, The Real Deal said.
The move comes after Olayan recently completed the renovation of the 800,000 square foot building, which included adding new amenity areas, implementing flexible work floors, redesigning the lobby and expanding the public garden. The 41-story building now features almost 30,000 square feet of amenity space.
In 2025, Olayan inked Aquarian Holdings to a 75,000 square foot lease, which took the occupancy at 550 Madison to roughly 96 percent, according to The Real Deal. Some other tenants at the property include Hermès, Chubb Ltd., Clayton Dubilier & Rice and Junto Capital. Chubb is signed for 240,000 square feet across 10 floors.
In 2025, office performance in Manhattan was resilient. In Avison Young's full year 2025 investment sales report for the borough, office saw a 62 percent year-over-year jump to $5.7 billion across 67 transactions. Total investment sales in Manhattan came in at $12.05 billion, with transactions amounting to 77. The figures were up seven percent and 13 percent year-over-year, respectively.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.