SL Green JV Tops Out Manhattan Skyscraper

SL Green Realty Corp., in a joint venture with the National Pension Service of Korea and Hines, has topped out One Madison Avenue, a 1.4 million-square-foot office redevelopment project in Manhattan’s Midtown South neighborhood. Originally built in 1909, the property is undergoing a complete transformation.

AECOM Tishman is managing the construction of the $2.3 billion project, which has been designed by Kohn Pedersen Fox. With a completion date slated for November 2023, One Madison Avenue is 55 percent preleased.

Earlier this year, IBM signed a 328,000-square-foot, 16-year lease at the property. Franklin Templeton will occupy 347,474 square feet, upon signing a 15-year lease this fall. Last year, Chelsea Piers Fitness also made a long-term commitment at One Madison, with a 20-year, 56,000-square-foot lease.

Wellness-focused amenities

Set to rise at the intersection of West 23rd Street and Madison Avenue, adjacent to Madison Square Park, the 27-story office tower will aim for LEED Gold and WELL certifications. At full build-out, the high-rise will encompass an 11,000-square-foot rooftop venue, private dining and a tenant lounge.

READ ALSO: New York, a Leader in LEED-Certified Office Buildings

Following the model of One Vanderbilt, an earlier development of the same joint venture, One Madison Avenue will incorporate retail, hospitality and wellness-focused amenities that promote a healthy work environment.

Additionally, One Madison Avenue is set to feature “The Commons”, a 7,000-square-foot tenant-only amenity space. Michelin-starred Chef Daniel Boulud’s French dining amenities will occupy 16,000 square feet at the ground-floor level.

According to a recent CommercialEdge report, Manhattan remains one of the nation’s most expensive office markets. As of October, the borough had 18.8 million square feet of office space under construction and a vacancy rate of 14.6 percent.