Aquarian Holdings LP, managing around $22 billion in assets, has secured a lease with the Olayan Group for the highly sought-after office space at 550 Madison Ave., located in Midtown.
The firm will occupy nearly 96% of the impressive 750,000 square feet at this prime location.
Olayan acquired the building, known as the Pink Granite Tower, for $1.4 billion back in 2016. After purchasing it, they invested over $300 million in upgrades, transforming the space and enhancing its façade and retail opportunities under the guidance of the Landmark Conservation Committee. The office layouts and lobbies received significant redesigns to appeal to 21st-century tenants.
The renovation also introduced a pedestrian arcade and gardens spanning a block between 55th and 56th Streets.
The structure, crafted by architects Philip Johnson and John Burge, is home to notable tenants such as Chubb Ltd., which occupies 240,000 square feet, as well as Clayton Dubilier & Rice, with 144,000 square feet, and Hermes, taking up 72,000 square feet as its U.S. headquarters.
According to sources, small pre-built units are available on the 22nd and 34th floors.
In retail developments, Simon Kim’s upscale hospitality group has leased a corner on the first floor, leaving just one retail space available at the southern end.
The leasing performance at the tower has been impressive, with office leases exceeding $100 per square foot since the pandemic. This aligns with previous reports labeling 550 Madison a “pioneer” in the recovery of the office market.
Currently based at 40 10th Avenue in Chelsea, Aquarian was established by Rudy Sahay, who previously co-founded 54 Madison Partners and played a key role at Guggenheim Partners.
Aquarian has recently entered a joint venture with Raven Capital Management, associated with the music industry, and has announced plans for Aquarian Insurance Holdings, which will serve their reinsurance and retail insurance operations.
