New York office behemoth SL Green Realty Corp. has anchored its trophy One Madison Avenue development, signing a huge 328,000-sf, 16-year lease with IBM, which will be relocating thousands of employees to the new offices.
One Madison Avenue is a signature development for SL Green, the largest office landlord in Manhattan. Slated for completion in late 2023 and situated next door to the iconic Met Life tower, One Madison Ave was first built in 1893 and since then has been one of Manhattan’s largest office complexes.
IBM will have an exclusive entrance to One Madison Avenue, occupying portions of floors 2 and 7 and the entirety of floors 8 through 10. The IBM lease comes on the heels of a 20-year, 56,000-sf lease signed with health club Chelsea Piers Fitness.
“The incredible momentum we’re seeing at One Madison, and across our portfolio, reflects the long-term strength of prime Manhattan office space and leading companies’ unwavering belief in a collaborative work experience that’s only possible in the office,” said SL Green President Andrew Mathias.
One Madison Avenue will have a total of 1.4 million-sf, 900,000-sq of which will be from the existing, redeveloped building and 500,000-sf of which will be in a new 26-story tower.
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