550 Madison, the landmarked office building in Midtown Manhattan, has been named the Best Restoration by the Municipal Art Society as part of its 2024 MASterworks Awards.

The MASterworks Awards, determined by a jury of architects, designers, preservationists, scholars, and critics, pay tribute to projects completed in the previous year that exemplify excellence in architecture and urban design. The list of past winners includes a host of noted New York City projects, including David Geffen Hall, Little Island, Moynihan Train Hall, Pier 26 at Hudson River Park and the LaGuardia Terminal B Arrivals & Departures Hall.

“We are honored that MAS has recognized the repositioning of 550 Madison as the year’s best restoration,” said Erik Horvat, Global Co-Head of Real Estate at The Olayan Group. “The Olayan Group was committed to maintaining one of the city’s most recognizable architectural icons while reimagining it to include an extraordinary public garden, unparalleled amenities and a market-leading sustainability program.”

This news follows on the heels of an announcement by the Urban Land Institute (ULI) – which promotes best practices in real estate development, housing, and transportation – that 550 Madison won a ULI Americas Award for Excellence. 550 Madison was the only building in New York State to be so honored.

The ULI jury included experts in urban design, architecture, landscape architecture, and planning. The award highlights “the transformative potential of design and development in building more sustainable communities,” Doug Voigt, the jury chair, explained.