Clayton Dubilier & Rice Signs Lease For 144k Sq Ft Office At 550 Madison Avenue

Summary

Lease

NEW YORK

Office

144,000 sqft

The Olayan Group has leased a 144,000 square foot office space at 550 Madison Avenue in New York City. The space is currently undergoing a $1.4 billion renovation to accommodate the new tenant, Clayton Dubilier & Rice. The office will feature terrace space and a private entrance on 55th Street, and it is expected to consolidate Clayton Dubilier & Rice's New York operations, replacing their three current offices. The move is part of the company's growth plans as they aim to expand globally.

Summary of transaction details

Property Type: Office
Transaction Amount: Lease
Address: 550 Madison Avenue, New York City
Market: New York City
Square Footage: 144,000

In this transaction, the Olayan Group serves as the landlord, while Clayton Dubilier & Rice is the tenant. The landlord is represented by Ben Shapiro and Andrew Sachs of Newmark, while Mary Ann Tighe, Evan Fiddle, Arkady Smolyansky, Alice Fair, Scott Gottlieb, and Ben Joseph of CBRE represent the tenant.

Details

Deal Summary

LEASED

IMAGE: Mary Ann Tighe, Ben Shapiro, Ben Joseph, Andrew Sachs, Evan Fiddle, Scott Gottlieb, Alice Fair & Arkady Smolyansky DATE: 06/20/2023 ADDRESS: 550 Madison Avenue MARKET: New York City ASSET TYPE: Office ~ SF: 144,000 LANDLORD: Olayan Group TENANT: Clayton Dubilier & Rice LANDLORD'S REP: Ben Shapiro - Newmark, Andrew Sachs - Newmark TENANT'S REP: Mary Ann Tighe (@MaryAnntighe) - CBRE, Evan Fiddle (@EvanFiddle) - CBRE, Arkady Smolyansky (@ArkadyMediaGroup) - CBRE, Alice Fair - CBRE, Scott Gottlieb - CBRE (@CBRE), Ben Joseph ASKING RENT: $150/ft ~ SF: 144,000 NOTE: Clayton, Dubilier & Rice is planning to double its office space by moving to a 144k sq ft office in 550 Madison, New York. The private equity firm has signed a lease for the space, which is currently undergoing a $1.4bn renovation. The new office will reportedly have terrace space and a private entrance on 55th Street. The move is expected to consolidate the company's New York operations, with all staff moving from three offices. The company hopes that the new space will support its growth plans as it aims to expand globally. &Rice

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Address550 Madison Avenue

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