Olayan Group signs $800M refi with ING Capital for office in Midtown East

Olayan Group through the entity Oac 550 Owner LLC as borrower signed a refi loan with lender ING Capital valued at $800 million for the office building (O4) at 550 Madison Avenue in Midtown East, Manhattan.
The deal closed on February 13, 2026 and was recorded on February 19, 2026. The prior lender was ING Capital which held debt that had an original loan amount of $570 million. The property has 685,125 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,167 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on May 26, 2016, for $1.4 billion. The signatories for Olayan Group were Sung Chul Whang and Matthew Kahn . The signatories for ING Capital were Craig Bender and Jeffrey Schwartz .

The property

The office building in Midtown East has 685,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 189 feet deep with a total lot size of 36,803 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $555.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, $5,000 in ECB penalties, and $6,000 in OATH penalties in the last year.

Development

On the lot, there was a major alteration construction project, 121204507, for a 656,211 square-foot B building. The project was submitted by Chris Vena with plans filed December 7, 2017 and permitted March 25, 2019.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $5.2 billion in sales volume in the last two years. For development, Midtown East is the 4th most active neighborhood among other neighborhoods. It had 17.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 29 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 1,946,349 square feet of the 2,316,136 square feet. The largest owner is Bvk, followed by Olayan Group and then Sl Green Realty.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.3 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Olayan Group owned at least one commercial property in New York City with 685,125 square feet and a city-determined market value of $385.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Manhattan.

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