Construction has topped out 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 and expansion of a former eight-story structure and will yield 1.4 million square feet of office space as well as retail space and a slate of amenities. Banker Steel provided the steelwork, NYC Constructors is assembling the new expansion, and AECOM Tishman is the construction manager for the property, which occupies a full block at the southeast corner of Madison Square Park.
The tower’s steel superstructure rose swiftly since our last update in September, when the first levels were just beginning formation around the concrete core. Exterior work on the podium is now largely complete, with nearly all of its new windows in place.
The podium floors will feature nine-foot-square floor-to-ceiling windows, and the new office levels will be clad in a full glass curtain wall, maximizing natural light exposure for tenants. Oversized roof terraces will offer an opportunity to create indoor-outdoor sky gardens. There is also an 11,000-square-foot rooftop deck featuring sweeping views, connected directly to a 7,000-square-foot tenant-only amenity space, “The Commons.” Engineered to achieve LEED Gold and WELL certifications, the building will feature a DOAS HVAC system, which improves the circulation of fresh air.
We should soon see the first of the floor-to-ceiling glass panels for the main tower installed around the floors that are already fireproofed. Metal clips attached to the edges of the steel girders indicate the imminent arrival of the new curtain wall.
A topping-out ceremony on December 12 was attended by Marc Holliday, CEO of SL Green Realty Corp.; Jay Badame, president, Construction Management, AECOM; and Holly Leicht, executive director, Madison Park Conservancy.
“One Madison Avenue continues SL Green’s transformative vision of Manhattan East and once again we’re honored to be part of that transformation,” Badame said. “Our team has worked diligently with all of our project partners to build this tower to the highest standards, which features a noteworthy, virtually column-free design. We look forward to the completion of One Madison Avenue next year.”
In an effort to improve the surrounding neighborhood, SL Green donated $250,000 to the Madison Square Park Conservancy, the non-profit organization licensed by the New York City Department of Parks and Recreation to manage Madison Square Park. This contribution helped finance the construction of Jemma’s Dog Park, which officially opened in July.
“We are incredibly excited for One Madison Avenue to reach this milestone, and we applaud SL Green, Hines, and all project partners for their steadfast commitment to the Madison Square Park neighborhood,” Leicht said. “Those living, working, and commuting around Madison Square Park can already see the significant impact of SL Green’s investment in one of New York City’s most vibrant, historic parks, and they will continue to see improvements both to the park and the surrounding business district as their vision becomes reality.”
One Madison Avenue’s office space is already 55 percent leased, with IBM anchoring the tenant slate with a 328,000-square-foot, 16-year lease signed in March 2022. Additional tenants include Chelsea Piers Fitness, which signed a 55,780-square-foot, 20-year lease in 2021; and Franklin Templeton with a 347,474-square-foot, 15-year lease signed this September.
One Madison Avenue is slated for completion in November 2023.