SL Green Realty Corp. last week unvivled sweeping redevelopment plans for One Madison Avenue, the Class-A office tower next to Madison Square Park.
A Kohn Pedersen Fox addition on top of a nine-story redeveloped podium will add modern office space, tenant specialty floors and over one acre of outdoor terraces.
To advance the ambitious adaptive-reuse project in the Midtown South submarket, SL Green has re-assembled the design and development team currently constructing the iconic One Vanderbilt – Kohn Pedersen Fox, Hines and Gensler – to undertake the project.
Like SL Green’s One Vanderbilt Avenue project, One Madison occupies a full city block bounded by Madison and Park Avenues between 23rd and 24th Streets.
“One Madison Avenue has an unbeatable location overlooking Madison Square Park, and after the redevelopment it will become one of the most sought after addresses in all of New York City,” said Marc Holliday, Chief Executive Officer of SL Green.
“To take on such a sophisticated project, we’ve gathered the team responsible for constructing the ahead-of-schedule, 1,401-foot-tall One Vanderbilt. I’m confident their expertise will help us successfully revitalize One Madison into an exclusive address for today’s leading companies.”
“SL Green has been a visionary developer to work with at One Vanderbilt, so naturally we jumped at the chance to collaborate on the redesign of One Madison — a dramatic transformation that will infuse a timeless New York City property with a dynamic, inspiring workplace for the 21st century,” said Doug Hocking, AIA, design principal, Kohn Pedersen Fox.
SL Green is redeveloping the building as-of-right, using 218,000 s/ft of available development rights, which will increase the total rentable square footage of the building to nearly 1.5 million square feet.
One Madison will be reduced to its existing ninth floor in order to create 18 additional new column-free floors above. Interior and exterior work to the existing podium, including revitalizing the lobby, modernizing core elements and activating retail space, a multi-purpose auditorium, and below-grade space, will create a complete Class-A experience in Manhattan’s highest demand office district.
Demolition and construction are expected to start in 2020/2021 following the expiration of existing tenant leases.
The newly-constructed tower will feature 32-35,000 rentable-square-foot floorplates, with 60 ft. column-free clear spans and 14.3 ft. floor-to-floor heights throughout.
On the 10th and 11th floors, views of Madison Square Park are featured at panoramic terraces and specialty office floors.
Several private tenant terraces are also included at the top of the tower, all of which feature skyline views of the city.