Olayan America, the US investment arm of The Olayan Group, has received $570 million in refinancing of 550 Madison Avenue in New York City. The loan is secured by a first mortgage on the property known most recently as the Sony Building. The 37-story office tower in the Plaza District of Manhattan has 852,830 sqf of rentable mixed-use space along with prime retail exhibition and museum space on Madison Avenue. ING Capital LLC, as Administrative Agent, led the refinancing with the Bank of East Asia New York Branch, Credit Agricole Corporate and Investment Bank, Société Générale, and Natixis Real Estate Capital as Co-Lead Arrangers and Co-Lead Bookrunners. Construction of the building was completed in 1984 as the global headquarters of AT&T. The mixed use office tower has been sold on just two previous occasions, first to Sony Corporation in 2002 and in 2013 to the Chetrit Group, the previous owner.
