Olayan America, Chelsfield unveil plans for $300m renovation of 550 Madison Avenue in Manhattan
Olayan America and its real estate development partner Chelsfield unveiled plans for 550 Madison Ave. in Midtown Manhattan. The plans include the selection of internationally acclaimed architecture and design firm Snøhetta to reimagine the lower levels of the office tower and update the building with state-of-the-art systems.
The renovation is slated for completion in 2019.
The $300 million renovation of 550 Madison, formerly known as the AT&T Building and then the Sony Building, will bring life back to the property. The plans developed offer a vibrant enhancement of Philip Johnson’s postmodern design, and meet the needs of the modern office worker adding high-quality amenities, world-class retail and restaurants. Moreover, it doubles the size of the adjacent public space, creating a lush and verdant outdoor garden for the public’s enjoyment.
The renovation is the first major project to be announced for New York City’s East Midtown, since its revitalization plan was approved earlier this year.
The property will also be seeking LEED Gold certification, WELL certification from the International WELL Building Institute, and Wired certification for digital infrastructure upon completion.
Olayan America acquired the property in May 2016 as a multi-generational asset. Olayan America is the U.S. office of The Olayan Group, a diverse industrial, trading, services and investment conglomerate with operations in the Middle East and headquartered in Saudi Arabia.
