Plans Unveiled for 550 Madison Avenue
Chelsfield and Olayan America unveiled plans for 550 Madison in Midtown Manhattan. The design reimagines the existing granite façade to bring life back into the building, creating state of the art office space with high-quality amenities, world-class retail and restaurants, and nearly doubles the size of the adjacent public garden to create a lush and verdant outdoor space. The award-winning architecture and design firm Snøhetta has been appointed as the design architect.
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Burberry will relocate its Knightsbridge store to no.1 Sloane Street in 2020
Burberry is the first tenant to be publicly announced for one of the seven new flagship stores planned by Chelsfield as part of the first phase of redevelopment on The Knightsbridge Estate, taking place at the northern end of The Estate, fronting Brompton Road and Sloane Street.
The new Burberry store at no.1 Sloane Street builds on the relationship between the brand and Chelsfield following the partnership that saw the creation of Burberry’s Bond Street flagship store in 2005, and underlining Chelsfield’s commitment to building authentic relationships with its partners. Burberry has understood Chelsfield’s vision for re-establishing the area as the home of luxury in London and committed early to working with Chelsfield on this significant project.
“We are delighted to once again be working with Burberry, one of the UK’s leading brands, in a partnership that will see the creation of an outstanding new store within The Knightsbridge Estate’s development on the corner of Sloane Street and Brompton Road. This builds on a long-standing association between the two companies and epitomizes the Chelsfield philosophy of establishing long-term relationships with exceptional and like-minded organisations” said Elliott Bernerd, Chairman of Chelsfield.
Hollandgreen Wins Prestigious Award
The Royal Institute of British Architects (RIBA) has named Chelsfield’s high-end residential development in Kensington by OMA with Allies and Morrison and The Design Museum by John Pawson as one of 50 winners of the 2017 RIBA London Regional Awards.
“The year has demonstrated once again the breadth of the capital’s architectural output at the very high level that the RIBA programme requires, and the juries took enormous pleasure in selecting a most exemplary set of schemes,” said Jury chair Matthew Lloyd.
Hollandgreen and The Design Museum will now go on to compete in RIBA’s National Award program, the winners of which will create the shortlist for the RIBA Stirling Prize – the highest award for architecture in the UK.
Elizabeth House is Sold on Plan
The 1.4m sqft office-led development on the South Bank, also known as One Waterloo, is one of the most high-profile in London.
The sale attracted interest from eight bidders with a deal made with HB Reavis.
Competition was even greater than anticipated when a sale was first considered last summer (2016) demonstrating a strong appetite from investors for this part of London.
550 Madison Avenue, Chelsfield Returns to the US
Chelsfield, in partnership with Olayan America, purchased the iconic Manhattan building. Known as the Sony building until now, it had only changed hands on two occasions since its built in 1984 for AT&T – to the Sony Corporation in 2002 and in 2013 to the Chetrit Group, the immediate past owner.
“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 in 2016. “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.”
The property is effectively 100 percent vacant, currently occupied by one restaurant tenant holding 5,000 sqft. This provides Chelsfield and Olayan an opportunity to rebrand the building and create value by renovating and reconfiguring the existing space.
“The property has been maintained to a high standard and has never previously been available to the open market for office leasing,” said Tony Fusco, head of Real Estate at Olayan America in 2016.