550 Madison Ave. — maybe Midtown's most coveted office location — now nearly 100% leased
A global holding company with $22 billion in managed assets has claimed what might be Midtown's most coveted, crown-jewel office location.
Aquarian Holdings LP signed a lease with landlord Olayan Group's 550 Madison Ave. for the landmarked 'Chippendale' tower's 75,000 square-foot, three-level penthouse, Realty Check has learned.
It brings the 750,000 square-foot trophy to about 96% leased.
4 550 Madison Ave., above, was purchased for $1.4 billion in 2016 by Olayan, which reimagined and retooled the building's office floors and lobby for 21st century tenants.
Google maps
Olayan bought the pink granite tower for $1.4 billion in 2016 when it was vacant and upgraded it for at least $300 million more. The company redesigned the lower-floors facade and enlarged retail windows under the watchful eye of the Landmarks Preservation Commission. The office floors and lobby were comprehensively re-imagined and systems re-tooled for 21st century tenants.
The repositioning also includes a new, block-long, glass-canopied pedestrian arcade and garden between East 55th and East 56th streets.
4 Aquarian Holdings LP founder Rudy Sahay
aquarianlp
The Philip Johnson- and John Burgee-designed building is home to marquee-name tenants including Chubb Ltd., which was the first to sign on for 240,000 square feet; private equity firm Clayton Dubilier & Rice, with 144,000 square feet; and Hermes for its 72,000 square-foot US headquarters.
A source said only the 22d floor and a small prebuilt section of the 34th floor remain available.
On the retail side, Simon Kim's Gracious Hospitality Group leased 550 Madison's northern ground-floor corner, leaving only the south-end retail corner yet to be claimed.
4 Some of 550 Madison's 303,500 square feet in office space has been leased for more than $100 per square foot since the pandemic.
CBRE/Olayan
The tower's leasing performance has been epic. Since we wrote in November 2021 that 550 Madison was regarded as a 'bellwether' for the office market, which was struggling back from the pandemic, some 303,500 square feet of the offices went for more than $100 per square foot — perhaps the city's highest percentage of C-note deals at a single property.
Aquarian, currently based at 40 10th Avenue in Chelsea, was founded by Rudy Sahay, who previously co-founded real estate firm 54 Madison Partners and was a founding member of Guggenheim Partners.
4 The entrance to 550 Madison Ave.
Getty Images
Aquarian recently formed a joint venture with Raven Capital Management, a music industry investment fund.
It also announced the creation of Aquarian Insurance Holdings, a shared structure for the company's reinsurance and retail insurance businesses.
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New York Post
04-05-2025
- New York Post
550 Madison Ave. — maybe Midtown's most coveted office location — now nearly 100% leased
A global holding company with $22 billion in managed assets has claimed what might be Midtown's most coveted, crown-jewel office location. Aquarian Holdings LP signed a lease with landlord Olayan Group's 550 Madison Ave. for the landmarked 'Chippendale' tower's 75,000 square-foot, three-level penthouse, Realty Check has learned. It brings the 750,000 square-foot trophy to about 96% leased. 4 550 Madison Ave., above, was purchased for $1.4 billion in 2016 by Olayan, which reimagined and retooled the building's office floors and lobby for 21st century tenants. Google maps Olayan bought the pink granite tower for $1.4 billion in 2016 when it was vacant and upgraded it for at least $300 million more. The company redesigned the lower-floors facade and enlarged retail windows under the watchful eye of the Landmarks Preservation Commission. The office floors and lobby were comprehensively re-imagined and systems re-tooled for 21st century tenants. The repositioning also includes a new, block-long, glass-canopied pedestrian arcade and garden between East 55th and East 56th streets. 4 Aquarian Holdings LP founder Rudy Sahay aquarianlp The Philip Johnson- and John Burgee-designed building is home to marquee-name tenants including Chubb Ltd., which was the first to sign on for 240,000 square feet; private equity firm Clayton Dubilier & Rice, with 144,000 square feet; and Hermes for its 72,000 square-foot US headquarters. A source said only the 22d floor and a small prebuilt section of the 34th floor remain available. On the retail side, Simon Kim's Gracious Hospitality Group leased 550 Madison's northern ground-floor corner, leaving only the south-end retail corner yet to be claimed. 4 Some of 550 Madison's 303,500 square feet in office space has been leased for more than $100 per square foot since the pandemic. CBRE/Olayan The tower's leasing performance has been epic. Since we wrote in November 2021 that 550 Madison was regarded as a 'bellwether' for the office market, which was struggling back from the pandemic, some 303,500 square feet of the offices went for more than $100 per square foot — perhaps the city's highest percentage of C-note deals at a single property. Aquarian, currently based at 40 10th Avenue in Chelsea, was founded by Rudy Sahay, who previously co-founded real estate firm 54 Madison Partners and was a founding member of Guggenheim Partners. 4 The entrance to 550 Madison Ave. Getty Images Aquarian recently formed a joint venture with Raven Capital Management, a music industry investment fund. It also announced the creation of Aquarian Insurance Holdings, a shared structure for the company's reinsurance and retail insurance businesses.
Yahoo
26-03-2025
- Yahoo
Aquarian Holdings forms insurance division to enhance growth and synergies
Aquarian Holdings has announced the formation of Aquarian Insurance Holdings, aiming to 'optimise growth and synergies' within its reinsurance and retail insurance businesses. Aquarian Holdings, which manages insurance and asset management businesses, said the new division will provide a streamlined structure. Established in 2017, the company has expanded its asset management portfolio to nearly $22bn. Under founder Rudy Sahay's leadership, the company has also built capabilities across the life insurance value chain. The formation of Aquarian Insurance Holdings is expected to enable continued business growth and increased efficiencies. Aquarian Insurance Holdings will comprise Somerset Reinsurance, Investors Heritage and Hudson Life. Via Management Solutions will offer shared services and technology support. Somerset Re, based in Bermuda, focuses on capital-efficient reinsurance solutions for life and annuity insurers. It was acquired by Aquarian Holdings in January 2023. Investors Heritage, a US-based life and annuity insurer established in 1960, became part of Aquarian Holdings in 2018. Hudson Life, acquired and rebranded by Aquarian Holdings in 2022, specialises in providing insurance policies within New York State. Via, a third-party administrator, utilises technological expertise originally developed through Investors Heritage. Sahay said: 'We see opportunity within the insurance sector, and Aquarian Insurance Holdings is the next evolution of our portfolio. We will be able to leverage best practices and shared services across the organisation, specifically the technology expertise and leadership within our Investors Heritage business. All of which position us for continued growth and expansion.' John Frye, operating partner at Aquarian Holdings and president of Investors Heritage, and Jeff Burt, CEO of Somerset Re, will serve as Co-CEOs of Aquarian Insurance Holdings. Frye has served in senior leadership positions at Advisors Excel, Security Benefit and General Electric. Burt, who previously served as chairman and CEO of Somerset Re, will continue as co-CEO alongside Somerset Re's incoming CEO during the transition. His experience includes serving as president of Hannover Life Reassurance Company of America, where he led more than 100 structured reinsurance transactions. "Aquarian Holdings forms insurance division to enhance growth and synergies " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
20-03-2025
- Yahoo
RI GOP leader wants answers about pallet shelter costs
PROVIDENCE, R.I. (WPRI) — Rhode Island House Minority Leader Mike Chippendale said on Wednesday that taxpayers deserve to know the full financial picture for the cost of the state's pallet shelters pilot program, known as ECHO Village. The shelters opened in February after months of delays. The R.I. Department of Housing said additional time was needed to install necessary utilities and to meet fire and building codes. The pilot program was designed to address the state's homelessness crisis and was paid for entirely with federal funds. The project was originally estimated to cost $3.3 million, but the final cost was $4.6 million. Chippendale said he wants to know why the cost went up. 'All I want, and all the taxpayers of Rhode Island deserve, is accountability,' he said. Two days after a ribbon cutting was held to celebrate the shelters opening, Chippendale said, he filed an Access to Public Records Act (APRA) request. It's a tool reporters and other members of the public use daily to request public information. The request asked the Department of Housing to provide a list of all contractors and subcontractors involved in the project; all contracts, purchase orders and invoices; any procurement or bidding documents; plus copies of any project budgets. Chippendale also asked for all correspondence related to permitting for ECHO Village and for a list of any financial sponsors of the project. He said he hit a snag in the early days of his records request, with the department seeking to charge him $495 to obtain the information, 'for which I am statutorily entitled to as a member of the House Finance Committee.' Chippendale explained that a compromise was reached, which resulted in the fee being waived. As a result, he agreed to wait for emails — which officials said had to be reviewed to protect certain personal information — but would accept the financial information he requested 'immediately.' Chippendale said those documents came last Thursday, a month after his initial request. 'These documents that they provided me did not paint any picture, let alone the full picture,' Chippendale said. 'It would be irresponsible for me to assert there was something nefarious going on. The entire point is we don't know until we have the information.' The Foster Republican also characterized the issue as reflecting a broader lack of transparency by the administration of Gov. Dan McKee, a Democrat who has faced repeated criticism on issues related to open records. Chippendale sent Target 12 the financial documents he had received, which comprised dozens of files. About an hour after the media briefing, Chippendale sent reporters a statement which said in part that a closer look at the records revealed additional invoices he had not previously seen, though 'the remaining assertions during the press conference remain relevant.' 'I consider my request for information on behalf of the taxpayers of Rhode Island incomplete and unfulfilled,' Chippendale said. Emily Marshall, a spokesperson for the Department of Housing, told Target 12 that Chippendale's outstanding request is comprised of about 1,300 emails which staff would need 33 hours to review in full. Chippendale told reporters: 'The 33 hours have long passed. They've come and gone.' Marshall also said the Housing Department did not have the list of any financial sponsors or other benefactors for the Echo Village, though House of Hope, which operates the shelters, would. Ben Smith, spokesperson for House of Hope, told Target 12 that the organization had not received Chippendale's records request until Wednesday. 'We will work with Leader Chippendale to provide any information or documentation he needs related to our role in operating Echo Village,' Smith said. Marshall explained that the project's total budget increased because of costs associated with getting the units up to code and said that those modifications 'were only finalized after the initial budget was contemplated.' Smith added that the final cost of ECHO Village was 'not only the construction,' but also accounted for the infrastructure needed to ensure residents have access to essential services, including case management, restrooms, showers and laundry facilities. 'Additionally, staffing and wraparound services play a critical role in the success of the project and its sustainability in serving those experiencing homelessness,' Smith said. Target 12 learned the pallet shelters were on track to reach full capacity within a month of opening, and that one guest has already moved into permanent supportive housing. Alexandra Leslie (aleslie@ is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook. 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