SL Green to Redevelop One Madison Avenue, Creating Midtown South’s Premier Office Tower
December 03 2018 - 7:40AM
Business Wire
Building upon One Vanderbilt partnership, Kohn
Pedersen Fox tapped to lead redesign of office building overlooking
Madison Square Park
SL Green Realty Corp. (NYSE:SLG), New York City’s largest office
landlord, today detailed 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, with design
harmonious with the surrounding Madison Square district,
complementing the Park by incorporating significant softscape
features. To advance the most 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
square feet 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, seamless, and unrivaled 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-foot column-free clear
spans and 14’-3”-foot floor-to-floor heights throughout. On the
10th and 11th floors, exceptional views of Madison Square Park are
featured at panoramic terraces and specialty office floors, which
will create an elegant and respectful transition from the masonry
base to the new tower addition. Several private tenant terraces are
also included at the top of the tower, all of which feature skyline
views of the city.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York
City's largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of September 30, 2018, SL Green held interests in 106 Manhattan
buildings totaling 46.4 million square feet. This included
ownership interests in 28.2 million square feet of Manhattan
buildings and 18.2 million square feet of buildings securing debt
and preferred equity investments. In addition, SL Green held
ownership interests in 15 suburban buildings totaling 2.3 million
square feet in Brooklyn, Westchester County, and Connecticut.
About Kohn Pedersen Fox Associates
Kohn Pedersen Fox Associates (KPF) is a global architecture
practice dedicated to clients that represent some of the most
forward-thinking developers, companies and institutions around the
world. The firm’s portfolio spans more than 40 countries, and
includes a wide range of projects from office and residential
complexes to civic and cultural buildings to research and
educational facilities. KPF’s mission is to create buildings and
places of the utmost quality and contextual sensitivity, providing
a valuable impact on their respective cities. Earning the firm
recognition as one of the most respected architectural design
practices in the world, KPF’s body of work has been widely
exhibited, is the subject of 14 monographs, and has won over 400
awards.
SLG- GEN
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SL Green Realty Corp.Matt
DiLibertoslgreen@berlinrosen.com646.452.5637
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