As of 2016, 550 Madison Avenue is owned by The Olayan Group.
Ownership History of 550 Madison Avenue
The architectural landmark at 550 Madison Avenue, a distinctive presence in Midtown Manhattan, has undergone several ownership transitions over the years. This building, originally known for housing AT&T and later Sony, has a notable journey of custodianship:
- Early 2010s: For many years, the building was famously known as the Sony Building.
- 2013 Acquisition: Sony sold the building to the Chetrit Group. Following this sale, Sony continued to occupy its offices within the building through a lease-back agreement that spanned three years.
- 2016 Acquisition: The Olayan Group purchased 550 Madison Avenue. Upon acquiring the property, The Olayan Group announced plans for extensive renovations, aiming to modernize and enhance the building's facilities while preserving its architectural integrity.
Key Milestones for 550 Madison Avenue
Beyond its ownership changes, 550 Madison Avenue has also received significant recognition for its design:
- 2018 Landmark Status: The New York City Landmarks Preservation Commission officially designated the building's exterior as a landmark. This designation underscores its architectural importance and ensures the preservation of its unique design features for future generations.
The current ownership by The Olayan Group continues the legacy of this iconic structure, with ongoing efforts to maintain and revitalize its place in the city's urban fabric.
