Clayton Dubilier & Rice is relocating its headquarters to 550 Madison Ave., the former Sony Building that’s attracted a flurry of finance and luxury fashion tenants.
(Bloomberg) — Clayton Dubilier & Rice is relocating its headquarters to 550 Madison Ave., the former Sony Building that’s attracted a flurry of finance and luxury fashion tenants.
The New York-based private equity firm signed a lease spanning six floors and roughly 144,000 square feet (13,400 square meters), at the 41-story office tower in Midtown Manhattan, landlord Olayan Group said in a statement Tuesday.
CD&R is more than doubling its New York footprint with the new lease. The private equity firm currently works out of the Seagram Building at 375 Park Ave.
Manhattan landlords have been dealing with more vacancies as hybrid work and cost-cutting measures lead tenants to reassess how much office space they need. The highest quality towers are still attracting tenants seeking upgraded spaces.
Olayan Group has gut-renovated the 800,000-square-foot tower, adding perks including a garden, curated library and a top-line filtration system. The firm is also working with Michelin-starred restaurant owner Simon Kim to bring a new concept to the base of the tower.
The building has landed tenants including insurer Chubb Ltd., luxury fashion brand Hermes International, and investment firms Junto Capital and Corsair Capital.
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