Renovated Manhattan Skyscraper Adds New Finance Firm as Tenant


Natalie Wong, 2.6.23

Junto Capital Management, an investment firm led by James Parsons who worked at Viking Global Investors for almost a decade, is moving into offices at 550 Madison Ave., a recently renovated Manhattan tower that’s drawn firms seeking new space in the city.

The money manager will take 25,000 square feet (2,300 square meters) on the tower’s 33rd floor as it relocates from its current spot at 450 Park Ave., according to a statement Monday.

The Olayan Group has renovated the 41-story office tower in Midtown that was initially AT&T’s headquarters in the 1980s. The building now has a 21,000-square-foot public garden as well as
amenity and wellness spaces for tenants. The landlord signed leases over the past two years with insurer Chubb and luxury brand Hermes International.

Office properties across the US have been struggling in recent years with remote work on the rise. In New York, tenants have been favoring new or renovated buildings with amenities as they seek to bring workers back.

Read the full article on the Bloomberg website