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

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LEASED
$150
Alice Fair
Evan Fiddle
Arkady Smolyansky
+ 5

New York

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Office144,000 SF
Leased 06/20/2023
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LEASED

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

550 Madison Ave New York, NY 10022, USA

See Similar Deals
Office144,000 SF
Leased 06/20/2023
Alice Fair
Evan Fiddle
Arkady Smolyansky
+ 5
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$150
Total Square Footage:144,000 SF
Transaction Type:Lease

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.

Players

Ben Shapiro
Newmark
Ben Shapiro
4 deals
BROKER
Arkady Smolyansky
CBRE
Arkady Smolyansky
11 deals
BROKER
Evan Fiddle
CBRE
Evan Fiddle
13 deals
BROKER
Andrew Sachs
Newmark
Andrew Sachs
9 deals
BROKER
Mary Ann Tighe
CBRE
Mary Ann Tighe
31 deals$1.1B volume(212) 984-8128
BROKER
Alice Fair
CBRE
Alice Fair
10 deals(508) 641-1574
BROKER
Scott Gottlieb
CBRE
Scott Gottlieb
9 deals(212) 984-8350
BROKER
Benjamin (Ben) Joseph
CBRE
Benjamin Joseph
12 deals(212) 984-8206
BROKER

Details

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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Deal Type
Effective Rent (Annual)

$24,761,979.31

Total Lease Value

$247,619,793.13

Net Landlord Cash Flow$24,761,979.31