Chubb Leases 240K-sf to Anchor 550 Madison

The Olayan Group-owned tower at 550 Madison Avenue has secured an anchor tenant. Global property and casualty insurance firm Chubb signed a lease for 240,000 square feet spread across 10 floors, marking the first signing since being acquired by Olayan in 2016 and undergoing a major revitalization. Spanning the entire Madison Avenue blockfront between East 55th and 56th Street, the 800,000-square-foot building has only had two tenants since its opening in 1984 — AT&T and Sony. Chubb is currently located in 184,000 square feet at 1133 Sixth Avenue under a lease set to expire in 2024.