Global Finance Firm Aquarian Inks 75K-SF Lease at 550 Madison Avenue

It is the dawning of the age of Aquarian at 550 Madison Avenue. 

The global financial services firm has signed a 75,000-square-foot lease for the three-level penthouse at Olayan Group’s 37-story Madison Avenue tower, the New York Post reported. Aquarian will be moving from its current home at 40 10th Avenue. 

Aquarian and Olayan Group did not immediately respond to requests for comment.

Adam Henick from Current Real Estate Advisors and Neil King from CBRE represented Aquarian in the deal. CBRE’s Mary Ann Tighe, Howard Fiddle, Scott Gottlieb, Ben Joseph, Arkady Smolyansky and Alice Fair represented Olayan. CBRE and Current did not immediately provide comments.

The length of the lease and the asking rent were not immediately available. Average asking rent for Midtown office space was $80.51 per square foot in April, according to recent Colliers data. The building had asking rents of $175 per square foot in 2023, as Commercial Observer previously reported.

Olayan acquired 550 Madison in 2016 for $1.4 billion, according to the Post. The firm completely redesigned portions of the landmarked building, including the lower floors and the lobby, and added retail windows to the famed pink granite facade.

Completed in 1984, 550 Madison Avenue has been known at various times as the AT&T Building, Sony Tower and even the Chippendale Tower, owing to its distinctive pediment that some say resembles a detail on Chippendale furniture.

The Aquarian lease brings the building to nearly 100 percent occupancy, with only the 22nd and 34th floors unoccupied, according to the Post.

550 Madison spans the full block between East 55th and East 56th streets. Tenants include financial consulting firm Junto Capital Management, investment company Corsair Capital and insurance agency Chubb. 

Update: This story has been updated to include broker information.

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.