General Atlantic Inks 150,000-Square-Foot Lease to Anchor 625 Madison

Related Companies secured a lease to anchor its 858,500-square-foot office space in Manhattan(opens in new tab)‘s Plaza District. The tenant is General Atlantic, a global investment firm that’s set to occupy five floors totaling 150,000 square feet within the building upon its completion, which is scheduled for 2029. About one-third of the company’s global workforce (330 employees) will be working from 625 Madison Ave. once the move is completed.

As of now, the landlord has not disclosed any information on the length of the lease or details about the team of brokers that negotiated the deal. The asking price is undisclosed.

“This will be a building of industry leaders, and we are thrilled to have General Atlantic on board and look forward to delivering an exceptional new headquarters for their team,” said Jeff Blau, chief executive officer and a partner of Related.

Bill Ford, chairman and CEO of General Atlantic, added: “General Atlantic has always taken a long-term view, and our new headquarters is an investment in the firm’s future. It will be a place that brings our people and global community together; strengthens the connections that are central to who we are; and gives us room to grow for many decades to come.”

This deal follows another significant addition to 625 Madison’s tenant roster as Related had previously secured the signature of private equity firm Veritas Capital. The New York-based firm inked a lease for roughly 93,000 square feet at the property in August.

Construction at Related’s 34-story development between East 58th and East 59th streets broke ground in July on the site of a now-demolished, mid-century office building that had once housed cosmetics, skin care and perfume multinational Revlon, as well as acted as the current owner’s former headquarters.

The project has benefited from massive investment on behalf of Saudi Arabia’s Public Investment Fund, which recently supplemented its initial round of financing — worth around $200 million — with a two-thirds stake at 625 Madison(opens in new tab). While the total cost of construction for Related’s development is set to exceed $1 billion, the extent of Saudis’ total investment remains unclear at the moment.