General Atlantic Signs 150K-SF Lease at 625 Madison
Related lands a major anchor for its Plaza District tower as General Atlantic prepares to move its New York team in 2029.
Nina Dale
September 03, 2026
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Good morning. General Atlantic signed a long-term lease for more than 150,000 square feet at Related’s 625 Madison Avenue, adding a major anchor to the under-construction tower. The deal highlights continued demand for high-quality office space among major financial firms.
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Market Snapshot
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Madison Anchor
General Atlantic Signs 150K-SF Lease at 625 Madison
Photo: Related Companies
General Atlantic is taking more than 150,000 square feet at Related Companies’ 625 Madison Avenue, giving the under-construction Plaza District tower a major anchor tenant.
A marquee tenant: General Atlantic signed a long-term lease covering five floors at the 53-story tower. The investment firm plans to move its more than 330 New York employees into the building when it opens in 2029. Financial terms, including the lease length and asking rent, were not disclosed.
Another major tenant?: Private equity firm Veritas Capital also appears to have committed to the project, with Colliers reporting a 92,743-square-foot lease in August. Neither Veritas nor Related confirmed the deal.
A rare Manhattan development: Construction began in July on the more than 680-foot tower, which will replace a 10-story building dating to 1930. Related says it will be the first ground-up office development in the Plaza District in more than 30 years.
Luxury positioning: The project is expected to cost more than $1 billion and features high-end amenities, including a club lounge, private dining, outdoor terraces and a 200-plus-person multipurpose room. Related is also reportedly pursuing Ralph Lauren’s Polo Bar for the ground-floor retail space.
Strong financial backing: Saudi Arabia’s Public Investment Fund acquired a two-thirds stake in the project in 2025, adding significant capital to the development. The tower is located between East 58th and East 59th streets, just two blocks from the Plaza Hotel.
Manhattan keeps moving: August leasing volume dipped to 3.25 million square feet from 3.9 million in July, but year-to-date demand remains nearly 10% above last year. Colliers says Manhattan could be on pace for its strongest leasing year since 2000.
➥ THE TAKEAWAY
Trophy space still has pull: General Atlantic’s commitment shows that top-tier tenants remain willing to make long-term bets on premium Manhattan offices, even as the broader market adjusts. For Related, securing a major investment firm before the tower’s 2029 opening reinforces the project’s appeal to financial firms seeking location, quality and amenities.
Around New York
➥ Nob Hill Apartments deteriorated into foreclosure amid management failures, aging infrastructure and financial pressures, challenging the idea that private equity caused its collapse.
➥ Democratic Socialists are poised to push New York lawmakers left on taxes, housing, retail rents and data centers, intensifying tensions with real estate and business leaders.
➥ A Washington Heights landlord faces foreclosure on two rent-stabilized apartment buildings, underscoring the financial risks of investing in New York’s regulated-housing market.
➥ New York is accelerating office-to-housing conversions, with nearly 19,700 units permitted since 2023 and conversions accounting for one-third of 2026 housing approvals.
➥ Century Cricket Centre signed a 14K SF lease at 25 West 39th Street for its first U.S. location, with plans to expand to 30 sites across major markets nationwide.
Follow the Money
| MEDIAYONKERS A Yonkers film and TV studio portfolio secured a $435M refinancing, backed by 719,943 SF and anchored by Lionsgate as its largest tenant across the portfolio. |
| HOSPITALITYCHELSEA Manga Hotel Group acquired the 158-key Chelsean New York Hotel for $50M, marking its second NYC purchase from Lam Generation in just over a year and expanding its growing city portfolio. |
| OFFICEHUDSON YARDS Related Companies secured a $421.5M refinancing from Bank of America for 30 Hudson Yards, strengthening financing for the prominent Manhattan office tower. |
| OFFICECORNING Savant Wealth Management added Socha Financial Group, a New York RIA with $542M in assets, marking Savant’s third office in the state and 71st nationwide. |
| OFFICEMIDTOWN 1411 Broadway landed 182K SF across three leases with Zeta Global, Amorepacific and Republic Clothing, boosting occupancy toward 90% following its $100M renovation program. |
| MULTIFAMILYTUPPER LAKE A $46M redevelopment will transform Tupper Lake’s vacant Oval Wood Dish Factory into 80 affordable, all-electric apartments and 25,000 SF of commercial space. |
📈 CHART OF THE WEEK
The 2026 YTD sales chart shows Manhattan dominating office transactions at $5.17B, nearly double Dallas at $2.87B and far ahead of the $36.4B national total across 25 markets.
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