IBM will consolidate its New York City offices and relocate to One Madison Avenue, a commercial office tower renovation and expansion currently underway in the Flatiron District. Designed by Kohn Pedersen Fox and developed by SL Green Realty Corp, the project involves the construction of a 530,000-square-foot addition atop the original eight-story building, for a total of 1.4 million square feet of Class A office space.
The tech giant will occupy 328,000 square feet, spread across portions of the second and seventh floors, the entirety of floors eight through ten, as well as an exclusive lobby entrance on the ground floor. The lease was signed under 16-year terms at an unspecified price per square foot. IBM was represented by Cushman & Wakefield, while JLL represented the landlord.
“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.”
Located on the corner of Madison Avenue and East 23rd, the property encompasses an entire city block adjacent to the landmarked MetLife Insurance Company Tower. The newly constructed tower features floor plates ranging up to 35,000 square feet.
The tenth and 11th floors are specialty spaces with 22-foot ceiling spans and interior spaces that open out into a sprawling open-air roof deck. The podium and tower volumes offer additional terrace areas along Madison Avenue and 23rd Street.
Amenity spaces will include a 13,000-square-foot restaurant, a 10,000-square-foot artisanal food market, a 7,000-square-foot tenant lounge, a three-level fitness center, a 5,000-square-foot roof deck, and bike storage.
One Madison Avenue is expected to debut by the end of 2023 and achieve both WELL and LEED Gold certification.