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Deals & Dealmakers

BM to Anchor SL Green’s Transformative New Development at One Madison Avenue

SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that International Business Machines Corporation (“IBM”) has signed a 16-year, 328,000 square foot lease at One Madison Avenue covering portions of floors 2 and 7, entire floors 8 through 10 and a portion of the ground floor where IBM will have an exclusive lobby entrance creating a building within a building experience.  This lease follows the recently announced 20-year, 56,000 square foot lease with Chelsea Piers Fitness.

One Madison Avenue is SL Green’s latest world-class development scheduled for completion in November 2023. The 1.4 million square-foot Midtown South office tower is located adjacent to Madison Square Park and its eye-catching design and amazing outdoor spaces will provide the highest standard for today’s workplace with state-of-the-art infrastructure, forward-thinking amenities and a cutting-edge healthy work environment. 

“We’re extremely proud to welcome IBM to One Madison Avenue. IBM is an ideal anchor tenant for One Madison, which was designed for exactly this kind of forward-thinking office user,” said Andrew Mathias, President of SL Green. “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.”

“We are delighted to be making One Madison Avenue the new home for IBM in New York City, where we have such a proud history,” said Joanne Wright, IBM’s vice president of enterprise operations and services. “Our new downtown hub will create a modern and dynamic experience for our employees, our clients, and our ecosystem partners. We see New York as an extraordinary center of talent and innovation, and we are confident our new home at One Madison will help attract the kind of talent we need to keep IBM at the vanguard of innovation.”

One Madison Avenue will combine the elegance of the existing 900,000 square foot limestone building with more than 500,000 square feet of new, virtually column free construction in a new tower above. Health and wellness is paramount to the building design with the inclusion of DOAS HVAC, which circulates 100% fresh outside air, and new, oversized floor to ceiling windows in the podium combined with a continuous curtain wall in the tower that will flood the floors with natural daylight. Large roof terraces will provide a one-of-a-kind opportunity to create indoor/outdoor, work and entertainment spaces. In addition to Chelsea Piers Fitness, amenities include a 13,000 square foot full-service restaurant, 10,000 square foot artisanal food market, 7,000 square foot tenant-only club style lounge and 5,000 square foot shared tenant roof deck. 

IBM was represented by Patrick Murphy, Josh Kuriloff and Winston Schromm of Cushman & Wakefield, Inc. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of Jones Lang LaSalle represented the landlord.

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