Investor General Atlantic to Anchor Related’s 625 Madison Avenue in 150K-SF Deal

Related Companies just nabbed an anchor tenant for its under-construction office tower at 625 Madison Avenue in Manhattan’s Plaza District, the developer announced Tuesday. 

General Atlantic, a global investment firm, has inked a long-term lease to occupy more than 150,000 square feet across five floors at the planned 53-story office tower, which is slated to open in 2029. The firm will use the space for its more than 330 New York-based employees, who represent about one-third of the company’s global workforce. 

“General Atlantic has always taken a long-term view, and our new headquarters is an investment in the firm’s future,” Bill Ford, chairman and CEO of General Atlantic, said in a statement. “It will be a place that brings our people and global community together, strengthens the connections that are central to who we are, and gives us room to grow for many decades to come.”

The exact length of the lease and the asking rent were not disclosed. The average asking rent for Class A office space in the Plaza District was $97.23 per square foot in the second quarter of 2026, according to Colliers data. 

Related did not disclose the names of the brokers who worked on this deal. 

“When we began designing 625 Madison, General Atlantic was exactly the kind of prestigious and ambitious firm we had in mind as an anchor tenant because of the value they place on investment and operational excellence, collaboration and long-term relationships,” Jeff Blau, CEO of Related, said in a statement. “This will be a building of industry leaders, and we are thrilled to have General Atlantic on board and look forward to delivering an exceptional new headquarters for their team.”

In tandem with General Atlantic’s lease, private equity firm Veritas Capital has also seemed to secure new office space at 625 Madison Avenue. In August, Veritas signed a lease for 92,743 square feet at the office development, according to Colliers’ August Manhattan office snapshot report. Spokespeople for Veritas and Related did not confirm the lease to Commercial Observer.

Work began on 625 Madison Avenue in July of this year, replacing the original 10-story building on the site that was built in 1930. Sitting between East 58th and East 59th streets along Madison Avenue, 625 Madison Avenue will stand over 680 feet tall when completed. The site is two blocks east of Manhattan’s famed Plaza Hotel.

Related landed significant additional investment for the planned skyscraper in July 2025, when Saudi Arabia’s Public Investment Fund took a two-thirds stake in the project. At the time, the Saudis had already put around $200 million into the project, the cost of which is expected to eclipse $1 billion. The total amount of the Saudis’ investment was unclear.

The planned office property will also feature top-tier amenities, including a club lounge on the sixth floor that will have a 200-plus-person multipurpose room, a private dining room, a coffee and cocktail bar for employees, and wraparound outdoor terraces. 

Additionally, developers plan a ground-floor restaurant and retail spaces, with Related reportedly eyeing Ralph Lauren’s Polo Bar restaurant as a potential tenant.

The leasing news at 625 Madison comes after a slight dip in Manhattan’s office leasing activity in August. The month saw 3.25 million square feet leased, a decrease from the 3.9 million square feet leased across the borough in July. 

“While leasing activity moderated in August from July’s elevated level, the Manhattan office market continued to demonstrate remarkable resilience,” Franklin Wallach, executive managing director of research and business development for Colliers in New York, said in a statement. “Looking ahead, with year-to-date demand running nearly 10 percent ahead of last year, Manhattan remains on pace for its strongest year of leasing activity since 2000 if current conditions persist.”

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