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General Atlantic inks anchor-tenant deal for Related’s 625 Madison tower
General Atlantic is committing to 152,000 square feet and plans to move a 330-plus-person headquarters team to the property when it opens in 2029.
Related Cos. has signed General Atlantic as the anchor tenant for its under-construction Plaza District office tower at 625 Madison Ave., according to Bisnow. The investment firm has committed to 152,000 square feet for its headquarters in the 53-story building.
Related CEO Jeff Blau said the company designed the project with a high-profile tenant in mind, and General Atlantic plans to move a 330-plus-person team to the tower, Bisnow reported. Related previously discussed talks with the firm earlier this year, with the Wall Street Journal first reporting in July.
Bisnow also said tech investment firm Veritas Capital Fund Management has signed for 93,000 square feet at the same address, citing an August Manhattan office report from Colliers. The story added that Saudi Arabia’s $1T Public Investment Fund reportedly bought a two-thirds stake in the development and had already invested $200 million when demolition began last year.
The tower is expected to open in 2029, with amenities on the sixth floor and street-level retail plus a flagship restaurant, according to the release cited by Bisnow. The broader deal sheet also noted other tenants, including a 77,000-square-foot charter school lease in Sunset Park and Havas Health expanding by 65,000 square feet at 200 Madison Ave. with a 15-year term extension.