Related Companies has secured an anchor tenant for its office building under construction at 625 Madison Avenue in Manhattan's Plaza District. General Atlantic, a global investment firm, secured a long-term lease for more than 150,000 square feet across five floors of the planned 53-storey office tower. This building is scheduled to open in 2029 and will be the first new office development in the Plaza District in over 30 years.
The space is intended for General Atlantic's more than 330 New York employees, who make up approximately one-third of the firm's global workforce. Bill Ford, Chairman and CEO of General Atlantic, stated that the new headquarters is an investment in the company's future. He emphasised that it will be a place that brings employees and the global community together, strengthens key connections, and provides room for growth in the coming decades.
The exact lease term and asking rents were not disclosed. According to data from Colliers, the average asking rent for Class A office space in the Plaza District in Q2 2026 was $97.23 per square foot. Jeff Blau, CEO of Related, commented that General Atlantic is precisely the kind of respected and ambitious firm they envisioned as an anchor tenant when conceiving 625 Madison Avenue, given the firm's emphasis on investment and operational excellence, collaboration, and long-term relationships.
In addition to General Atlantic, private equity firm Veritas Capital also appears to have secured new office space at 625 Madison Avenue. According to Colliers' August report on the New York office market, Veritas signed a lease for 92,743 square feet in the office development in August. Spokespeople for Veritas and Related did not confirm the lease to Commercial Observer.
Construction on 625 Madison Avenue began in July of this year, replacing the original 10-storey building erected in 1930. Located on Madison Avenue between East 58th and East 59th Streets, the building will stand over 680 feet tall upon completion. The office building will offer prime amenities, including a sixth-floor club lounge with a multi-purpose room for over 200 people, a private dining room, a coffee and cocktail bar for employees, and wrap-around outdoor terraces. Developers also plan a restaurant and retail space on the ground floor.
The leasing news for 625 Madison Avenue follows a slight decline in office leasing activity in Manhattan in August. In that month, 3.25 million square feet were leased, a decrease from 3.9 million square feet in July. Franklin Wallach, Executive Managing Director for Research and Business Development at Colliers in New York, noted that despite the moderation in activity in August, the New York office market has shown remarkable resilience. With year-to-date demand nearly 10 percent above the previous year, Manhattan is on track for its strongest leasing year since 2000, should current conditions persist.
