Manhattan, NY According to the Olayan Group, 550 Madison Ave., a landmarked office building in Midtown, has been named the Best Restoration by the Municipal Art Society as part of its 2024 MASterworks Awards.
The MASterworks Awards, determined by a jury of architects, designers, preservationists, scholars, and critics, pay tribute to projects completed in the previous year that exemplify excellence in architecture and urban design. The list of past winners includes a host of noted New York City projects, including David Geffen Hall, Little Island, Moynihan Train Hall, Pier 26 at Hudson River Park and the LaGuardia Terminal B Arrivals & Departures Hall.
The Olayan Group has transformed the property, located on Madison Ave. between 55th and 56th Sts., into a world-class, multi-tenant new office destination, while maintaining its distinct architectural history. The repositioning project maintained the structure and envelope to minimize material use and to preserve the historic components of the original building.
Designed by Philip Johnson and John Burgee, 550 Madison is globally recognized as a premier example of postmodernist architecture. After opening in 1984, the iconic 41-story building housed the headquarters of just two tenants – AT&T and Sony – until it was acquired by The Olayan Group in 2016. The building proudly became New York City’s youngest landmark in 2018.
Olayan was committed to redeveloping 550 Madison with a focus on wellness and sustainability, and the tower is New York City’s only LEED Platinum and WELL Gold landmark. The building also features the latest ventilation technology, known as a dedicated outdoor air system (DOAS), which infuses the entire structure with fresh, purified outdoor air.
The project team for 550 Madison’s redevelopment included Snøhetta, which designed The 550 Garden; Rockwell Group, which designed the amenities spaces; and Gensler, which redesigned the lobby. CBRE is the exclusive leasing agent for the building.
“We are honored that MAS has recognized the repositioning of 550 Madison as the year’s best restoration,” said Erik Horvat, Global co-head of real estate at The Olayan Group. “The Olayan Group was committed to maintaining one of the city’s most recognizable architectural icons while reimagining it to include an extraordinary public garden, unparalleled amenities and a market-leading sustainability program.”
The building’s club level, known as The Arch, offers tenants a thoughtful series of amenities designed by Rockwell Group that transitions between work, leisure and retreat. The exclusive space is complemented by the artwork of 14 notable women artists from around the world. The Gensler-designed lobby features Alicja Kwade’s “Solid Sky,” a 24-ton spherical installation made of a 1.2-billion-year-old piece of Azul do Macaubas quartzite quarried from Brazil.
As part of The Olayan Group’s reimagining of the landmarked office tower, the enclosed passage adjacent to the building between 55th and 56th Sts. has been transformed into the largest green space built in Midtown East in 60 years. The reawakened space embraces nature as an amenity for building tenants, area residents and visitors with a half-acre of vibrant scenery. A 70-ft.-high canopy offers cover from the weather to provide a lush retreat in the densely-built streetscape no matter the time of year.
550 Madison has experienced leasing momentum and is now approaching full occupancy. The property, which opened as a multi-tenant building for the first time in 2022, has completed office leases with leading tenants, including Hermès, Chubb, Corsair Capital, Clayton Dubilier & Rice, BDT & MSD and Junto Capital. All leasing has occurred post-Covid, a period of extreme difficulty in the New York City office market.
Photo credit: Nikolas Koenig
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