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quarian Holdings LP, a global holding company with $22 billion in managed assets, has secured the highly sought-after penthouse at 550 Madison Ave. The three-level space spans 75,000 square feet and brings the building's occupancy to approximately 96%.

    The Olayan Group purchased the landmarked "Chippendale" tower for $1.4 billion in 2016 and invested an additional $300 million in renovations. The upgrades included a redesigned facade, enlarged retail windows, and modernized office floors and lobby.

    550 Madison Ave. is home to prominent tenants such as Chubb Ltd., Clayton Dubilier & Rice, and Hermes. Only the 22nd floor and a small section of the 34th floor remain available for lease. On the retail side, Simon Kim's Gracious Hospitality Group has leased the northern ground-floor corner.

    The tower's leasing performance has been exceptional, with over 303,500 square feet of office space leased at rates above $100 per square foot since the pandemic. Aquarian Holdings LP was founded by Rudy Sahay, who previously co-founded real estate firm 54 Madison Partners and was a founding member of Guggenheim Partners.

    Aquarian recently formed a joint venture with Raven Capital Management and announced the creation of Aquarian Insurance Holdings, a shared structure for its reinsurance and retail insurance businesses.