NEW YORK | One Madison Avenue (Redevelopment) | 471 FT | 27 FLOORS

[chris08876]

Credit: The Dronalist

[chris08876]

Credit: Michael Young via NYY

[NYguy]

https://www.globenewswire.com/news-r...on-Avenue.html

SL Green Inks 347,000 Square Foot Lease with Franklin Templeton at One Madison Avenue


September 29, 2022

SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that investment management firm Franklin Templeton has signed a 15-year, 347,474 square foot lease at One Madison Avenue. The company will occupy the entire 11th through 22nd floors in the tower portion of the building. This lease follows the recently announced 328,000 square foot lease with International Business Machines Corporation (“IBM”) and the 56,000 square foot lease with Chelsea Piers Fitness.

The neighborhood defining development, which is on schedule for completion in November 2023, is now 55% leased.

”We’re excited to welcome Franklin Templeton to One Madison Avenue,” said Marc Holliday, Chairman and CEO of SL Green. “This lease and the earlier IBM transaction are the second and third largest new leases signed in Manhattan in 2022 and are validation as to the exceptional quality of the building design. One Madison will transform the Midtown South market much in the same way that One Vanderbilt Avenue has transformed the Midtown East market.”

“Nearly every part of our global organization has a presence in New York City, and this lease agreement will bring our employees together into one state-of-the-art location that provides the ideal combination of dedicated space for our specialist investment managers, collaborative space for our broader firm, and an outstanding environment for hosting our clients,” said Jenny Johnson, President and CEO of Franklin Templeton. “We couldn’t be more excited to partner with SL Green on this landmark agreement for our firm.”

[chris08876]

Credit: JC_Heights

[chris08876]

Credit: AntonioL

[mrnyc]

from this past friday morning -- park south & e23rd

[NYguy]

https://www.costar.com/article/21212...-office-market

Trophy Tower’s Construction Milestone Highlights Widening Divide in New York’s Office Market
One Madison Avenue Will Be About 70% Leased When Completed Next Year, SL Green Executive Says





By Andria Cheng
December 13, 2022

As New York’s office vacancy rate surged to another record, well-located, top-tier office towers with appealing perks have bucked the trend, benefiting from a so-called flight to quality by tenants away from less up-to-date buildings. Now the latest example of the contrast between the real estate haves and have-nots is coming into sharper focus.

The class of high-end New York skyscrapers is getting closer to welcoming a new member, One Madison Avenue from Manhattan’s largest office landlord, SL Green Realty. The developer opened its last Manhattan trophy tower, One Vanderbilt, in 2020.

The 27-story One Madison celebrated its topping out Tuesday as worries about a looming recession, higher interest rates and other market wildcards have led big-name tenants including Facebook parent Meta to cut back on office expansion plans.

”Even though you could say the broader market has slowed on overall leasing velocity over the last three or four months, that doesn't mean it's necessarily true for every single building,” Steve Durels, executive vice president and director of leasing and real property of SL Green, said in an interview. “There are pockets of strength. New construction is still very strong in the marketplace, [especially] new construction at good locations.”

The building, which broke ground in 2020, has landed tech giant IBM as an anchor tenant. Investment firm Franklin Templeton also signed on at the building in New York’s second-largest office lease this year. Both firms will each have a footprint of well more than 300,000 square feet.

The building is 55% leased, a feat Durels told CoStar News was ahead even that of One Vanderbilt when the 1,401-foot tall building, now 99% leased, was a year away from completion. One Madison’s finish date is expected in late 2023.

Located across from Madison Square Park and nearby many new restaurants and hotels including the Ritz-Carlton, the 1.4 million-square-foot One Madison, which SL Green has touted as the first major development in Manhattan’s Midtown South in over a decade, also has signed Chelsea Piers Fitness in a 20-year retail lease.

Michelin-starred chef Daniel Boulud will open two new French culinary concepts including a European marketplace that’s inspired by the open-air markets of France as well as a full-service steakhouse. Building amenities will include a 11,000-square-foot roof deck featuring sweeping views that are connected directly to a 7,000-square-foot tenant-only amenity space called The Commons.

[chris08876]

Credit: The Dronalist

[chris08876]

SL Green Announces Two Culinary Destinations At One Madison Avenue In Flatiron District, Manhattan

Developer SL Green has partnered with Michelin-starred chef Daniel Boulud to bring two dining destinations to One Madison Avenue, a 27-story commercial structure under construction in Manhattan’s Flatiron District. Designed by Kohn Pedersen Fox, the structure will yield 1.4 million square feet of Class A office space and a range of amenities.

The eateries include a European-style marketplace, described as a “petit marché,” and a steakhouse. The 9,500-square-foot marketplace will open along 23rd Street and draws inspiration from open-air markets in France. Visitors can expect seasonal French products, specialty goods from local purveyors, gourmet counter foods, a cafe, and fast-casual dining.

The 6,500-square-foot steakhouse is being designed by Rockwell Group, which also oversaw interior design of the building’s event space. The venue will accommodate up to 800 patrons and feature an open-style kitchen layout with a wood-burning grill and interiors that meld old-world European charm with a recognizable New York atmosphere.

“I can’t think of a more fitting opportunity than at the crossroads of downtown lifestyle and uptown business, to create for the tenants at One Madison Avenue and the neighborhood my first steakhouse restaurant,” said chef Boulud. “Its convenient location on 23rd Street, adjacent to Madison Square Park, inspired my vision for a lively French marché.”

Amenities at One Madison Avenue include outdoor terraces on floors ten and 11, a 9,000-square-foot tenants’ lounge, a three-level gym operated by Chelsea Piers Fitness, and bike storage. The culinary program will occupy 16,000 square feet of the ground floor.

Prior to their latest collaboration, SL Green and chef Boulud opened Le Pavilion, an 11,000-square-foot restaurant, and Joji, a sushi speakeasy, both inside One Vanderbilt.

“One Madison Avenue builds on the success of One Vanderbilt Avenue, taking the workplace experience to a new level with unique offerings specific to its Flatiron location.” said Steven Durels, executive vice president and director of leasing and real property of SL Green. “Bringing Chef Boulud’s culinary creativity to One Madison Avenue provides a spectacular addition to the neighborhood and the ultimate office amenity.”

Additional members of the One Madison Avenue development team include the National Pension Service of Korea and Hines. Together, the trio of developers has together closed on $1.25 billion in construction financing to complete the tower, which is expected to debut by the end of 2023.

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NYY

[GertElim]

https://www.instagram.com/p/Cnu3xZJIapi/

A new installation featuring 333 sunflowers has just been set up at the Flatiron Plaza on 23rd Street between Fifth Avenue and Broadway, right across from Madison Square Park, in support of the Ukrainian cause.
Now through Sunday, January 22, Ukraine's Day of Unity, passerby will get to glance at the stunning field filled with the country's national flower, also a symbol of peace, happiness and hope.

[chris08876]

Credit: Alemel

[chris08876]

Credit: Michael Young via NYY

[mrnyc]

^ aah great -- we got glass now.

i am very curious to see how the look of this facade comes out.

will it be gloriously delicate as i hope, or mundane?

we will see.

[GertElim]

https://www.instagram.com/skylinehunters/

[HyperPower]

Michael Young

https://newyorkyimby.com/2023/09/one...manhattan.html

Façade installation is nearing completion on One Madison Avenue, a 27-story commercial building in the Flatiron District. Designed by Kohn Pedersen Fox and developed by SL Green, the National Pension Service of Korea, and Hines, the project involves the gut renovation of an existing eight-story structure and the construction of a 19-story glass-clad addition above its roof parapet, and will yield 1.4 million square feet of office space and ground-floor retail. NYC Constructors is building the expansion and AECOM Tishman is the construction manager for the property, which occupies a full city block at the southeast corner of Madison Square Park between Madison Avenue, Park Avenue South, East 23rd Street, and East 24th Street.

Michael Young

[GertElim]

Isn't this redevelopment finished by now?

https://flic.kr/p/2pBJKp1

[Busy Bee]

Probably not the right place for it but I wonder how much it would cost to "re-ornament" and restore the original design of the Met Life Tower. My dream would be a completion of the North Tower in conjunction with a exterior restoration of the South Tower. That would be the cats meow.