NEW YORK CITY — Olayan America and developer Chelsfield have unveiled plans for a $300 million renovation of 550 Madison Avenue, an office tower located in Midtown Manhattan.
The property — which was completed in 1984 and designed by architect Philip Johnson — was formerly known as the Sony Tower and the AT&T Building. Olayan America acquired the property in May 2016, and has tapped design firm Snøhetta for the renovation.
The renovation is set to double the size of the nearby public space; create an outdoor garden; add food and retail offerings; and partially replace the building’s eye-level façade with undulating glass to allow a transparent look into the lobby, atrium and first two levels of the building.
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.
The property will incorporate a dedicated outdoor air ventilation system, which will ensure tenants have access to a continuous supply of fresh air while consuming less energy than a typical mechanical ventilation system.
The renovation is slated for completion in 2019. Lead brokers for the project are Mary Ann Tighe, Howard Fiddle and Scott Gottlieb of CBRE.
Olayan America is an investment arm of The Olayan Group, a private, multinational firm with an actively managed portfolio of investments, including commercial, residential and mixed-use properties.
Chelsfield is a developer, investor and asset manager with a focus on commercial, residential and hospitality projects.
— Katie Sloan