550 Madison Avenue SONY 550 Madison Avenue SONY 550 Madison Avenue SONY

The Business

ABOUT US

Chelsfield is a leading real estate company and asset manager focused primarily on the principal cities of Europe and Asia. Since 1986 the business has constantly evolved to encompass and develop emerging market practices.

Our core areas are real estate investment, development, asset management and corporate finance – with risk management integral to the organisation. We combine rigorous research and market analysis with a hands on approach to enhance value at an operational level.

Chelsfield has both unparalleled access to projects that have high barriers to entry and commitments from the World's largest equity investors – with relationships and expertise acquired over more than 25 years.

 

NEWS

Olayan America, in association with Chelsfield, the European property group, has agreed to purchase 550 Madison Avenue in New York City.

The property is a landmark that has been known as the Sony Tower and before that the AT&T Building. It is located between East 55th and East 56th streets in the prestigious Plaza District of Midtown Manhattan. It was designed by Philip Johnson and John Burgee and completed in 1984. It is well-known for its Chippendale-style roof pediment and dramatic four-story glass-covered atrium.

Olayan America and Chelsfield will offer this building for lease to high-quality commercial tenants. The 37-story property comprises 850,000 square feet of Class A office and prime retail space on Madison Avenue.

"We are delighted to partner once again with Olayan on a trophy property in a world-class city." said Elliott Bernerd, founder and joint Chairman of Chelsfield. "We are especially pleased that after our 15-year absence, Olayan America facilitated our return to the U.S. market as asset manager of this iconic property."

Key advisors in this major transaction are Ron Cohen at JLL for the buyer and Doug Harmon at Eastdil Secured for the seller.

Olayan America, based in New York, is the U.S. investment arm of The Olayan Group. Founded in 1947, the Group has had a continuous presence in New York for 45 years. Chelsfield, which is headquartered in London, has been developing real estate for more than 30 years.