NEW YORK CITY—Owner Olayan America and development partner Chelsfield are redesigning 550 Madison Avenue with a new transparent street front, modernized interiors, added retail and restaurant space, and a lush, outdoor garden, open and accessible for public use.
The architecture and design firm, Snøhetta, based in Oslo, Norway and New York City, has been hired for the $300 million project. Designed by Philip Johnson, the 850,000-square-foot building was originally completed in 1984, and created for single-tenant occupancy, to serve as world headquarters for its corporate owners. Olayan America acquired the former Sony Building, which had previously been known as the AT&T Building, in May 2016 for $1.4 billion.
This is the first major project announced for New York City's East Midtown, since the rezoning plan was approved earlier this year.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
