The Olayan Group locked in an $800 million mortgage for its revamped Midtown workplace constructing, higher generally known as the Sony constructing.
ING Capital added $230 million of recent debt to the prevailing $570 million mortgage steadiness on 550 Madison Avenue, in keeping with property data. ING issued the unique mortgage in 2016, when Olayan bought the 41-story, 800,000-square-foot Midtown constructing between East fifty fifth and East 56th streets for $1.4 billion.
The refinance comes 9 months after International monetary companies agency Aquarian Holdings signed a lease for 75,000 sq. toes, boosting occupancy to about 96 p.c. Olayan just lately renovated the constructing, hiring Scott Rechler’s RXR as a improvement advisor and spending $300 million to revamp the decrease flooring and the foyer and so as to add retail home windows to the pink facade. The mission was difficult by a contentious landmarking process.
Olayan bought the constructing, designed by famend architects Philip Johnson and John Burgee, from Chetrit Group and David Bistricer’s Clipper Fairness. On the time, the previous headquarters for AT&T, and later Sony Company of America, had been vacated to make manner for a condominium conversion.
Different tenants on the constructing embody international insurance coverage large Chubb Restricted, which has a 10-floor, 240,000-square-foot lease; luxurious model Hermès, which has a 72,000-square-foot headquarters lease; advisory agency Junto Capital, which occupies 25,000 sq. toes; and Clayton Dubilier & Rice, a personal funding advisory agency that agreed to take 144,000 square feet in 2023.
Olayan Group, an often-secretive Saudi-based agency headed by sisters Lubna and Huthan Olayan, has been more and more serving to bridge ties with Wall Avenue gamers and Saudi Arabia. The Olayan household has develop into one of many world’s richest, with a worth exceeding $50 billion, per Bloomberg’s Billionaire Index.
Olayan and ING Capital didn’t instantly reply to a request for remark.
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