Cushman & Wakefield’s John Alascio, Gideon Gil, Alexander Hernandez, Alex Lapidus, Zach Kraft, Meredith Donovan and Cecelia Galligan, in collaboration with Greystone Capital Advisors’ Drew Fletcher, Bryan Grover and Jesse Kopecky, served as exclusive advisors to the borrower on the transaction.
Located in the heart of Midtown Manhattan, 550 Madison Avenue is a 41-story landmark office tower that underwent a transformative repositioning under The Olayan Group’s ownership. The comprehensive renovation reimagined the former single-tenant headquarters into a premier multi-tenant workplace destination, featuring a dramatic triple-height lobby, a half-acre public garden designed by Snøhetta, new interior infrastructure, and a curated suite of market-leading amenities. The property is recognized as New York City’s youngest individual landmark and is widely regarded as one of the city’s preeminent office assets.
“This refinancing underscores the depth of institutional demand for best-in-class, fully repositioned office assets in New York City,” said Fletcher, President of Greystone Capital Advisors. “550 Madison Avenue stands at the intersection of iconic architecture, thoughtful reinvention and long-term ownership vision”.
“The building’s leasing performance, amenity offering and landmark status, coupled with the overall strength of the Manhattan office market, resonated with lenders and resulted in a competitive execution for our client,” added Alascio, Vice Chair with Cushman & Wakefield.
The refinancing reflects continued confidence in New York City’s flight-to-quality office market, where demand remains concentrated in highly amenitized, well-located and sustainability-focused properties. Additionally, the Madison/Fifth Avenue office corridor emerged as one of Midtown’s most sought-after office destinations in 2025, adding to investor confidence.
You can download a photo of 550 Madison Avenue here.