Olayan Group nabs $800M loan for 550 Madison
The Olayan Group locked in an $800 million loan for its revamped Midtown office building, better known as the Sony building. ING Capital added $230 million of new debt to the existing $570 million loan balance on 550 Madison Avenue, according to property records. ING issued the original loan in 2016, when Olayan purchased the 41-story, 800,000-square-foot Midtown building between East 55th and East 56th streets for $1.4 billion. The refinance comes nine months after Global financial services firm Aquarian Holdings signed a lease for 75,000 square feet, boosting occupancy to about 96 percent. Olayan recently renovated the building, hiring […]
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