Shearman & Sterling represented Olayan America, a division of The Olayan Group, in connection with its $1.4 billion acquisition of the former Sony Building at 550 Madison Avenue in New York City. The firm also represented Olayan America for the financing portion of the acquisition, which included a $570 million mortgage from ING Capital LLC.
The Olayan Group is a private, multinational enterprise that is a major international investor as well as a diversified commercial and industrial business in the Middle East. With offices in the US, Europe and Saudi Arabia, the group's global investment team focuses on public and private equities, real estate, fixed income securities and other specialized assets. Olayan manages its investments in the Americas from New York, where it has had a continuous presence for more than four decades.
The Shearman & Sterling team was led by partner Chris M. Smith and associate Kris Ferranti (both New York-Real Estate) for the acquisition and partner Malcolm K. Montgomery (New York-Real Estate) and counsel Paul Balaam (London–Real Estate) for the financing.