Private Equity Firm Doubles Footprint in Move to Madison Ave
The $300 million investment to renovate the former Sony building at 550 Madison Avenue appears to be paying off, private equity firm Clayton Dubilier & Rice recently signed a more than 10-year lease for 144,000 square feet at the tower. The private equity firm will be relocating from its headquarters of about 28-years at the Seagram Building, 375 Park Avenue, and expanding from about 70,000 square feet in the move. Asking rent for the space that will span the 18th through 22nd floors and 26th floor was close to the $150 per square foot seen at nearby One Vanderbilt; and while the deal allows Clayton to relocate immediately, there is still 4-years of term remaining on the Park Avenue lease. Clayton Dubilier & Rice will be joining insurance firm Chubb, which leased 240,000 square feet in 2021 and investment firm Corsair Capital, French luxury designer Hermès and advisory business Junto Capital.