Just three years after completing its One Vanderbilt trophy tower development in New York, SL Green Realty, Manhattan’s largest office landlord, finished another achievement with its One Madison Avenue redevelopment project about 20 blocks south.
The 27-floor, 1.4 million-square-foot, top-tier office tower in the Midtown South market combined an existing 900,000-square-foot limestone building with some 530,000 square feet of new, virtually column-free construction in a new tower above. SL Green worked with architects Kohn Pedersen Fox and Vocon in developing a design that it said pays tribute to the building’s rich history while creating a new architectural model.
As tenants seek wellness-related designs, the building features a system that circulates 100% fresh outside air and has new oversize podium windows that, together with the continuous curtain wall of the tower, let in natural light across all floors, SL Green said.
Amenities at the building include a 10,000-square-foot rooftop event space connected directly to a 7,000-square-foot tenant-only amenity space that provides a hotel-style lounge area with a food and beverage service, SL Green said. Michelin-starred chef Daniel Boulud is opening a steakhouse at the building. Meanwhile, a new Chelsea Piers Fitness club is set to occupy 56,000 square feet over four levels.
The project has attracted tech and financial service office tenants, including IBM, which signed a 328,000-square-foot, 16-year lease in March 2022, and Franklin Templeton, which signed a 347,474-square-foot, 15-year lease in September 2022.
The redevelopment received a CoStar Impact Award, as judged by local real estate professionals familiar with the market.
About the Project: One Madison Avenue received its temporary certificate of occupancy on Sept. 15, three months ahead of schedule. Completion of the tower led to SL Green receiving $577.4 million from its joint venture partners.
What the Judges Said: The project reflects the "addition of a large, amenity-rich, forward-looking, 21st-century development at an established 19th-century building, all in a currently challenged marketplace," said Andrew Judd, chief operating officer at JRT Realty Group. The redevelopment juxtaposes “the new and old, with incredible light and air and wellness benefits,” added Ronald Cohen, chief sales officer at Besen Partners. It was “modernized into an inviting workplace environment, with five-star [food and beverage] hospitality integrated and a rooftop to boot."
They Made It Happen: SL Green’s developer/owner team included Edward Piccinich, Robert DeWitt, Stephanie Rogowski, Gianna Pilalis, John Krush, Michael Giunta and Michael DeVita. Kohn Pedersen Fox’s team included Andrew Werner and Annie Savage. At construction firm AECOM Tishman, Brian Vincentz worked on the project.
CoStar Senior Market Manager Ryan Brame contributed to this report.