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Construction Begins On One Madison Avenue, A 1.4 Million-Square-Foot Office Tower In The Flatiron District

SL Green recently celebrated the commencement of construction at One Madison Avenue, a new 1.4-million-square-foot office building in the Flatiron District. The project entails the expansion and redevelopment of an existing 13-story structure into a 27-story Class A office building.

Located on the corner of Madison Avenue and East 23rd Street, the structure will occupy an entire city block and is poised to revitalize the streetscape surrounding the property. To complete this vision and deliver a high-quality commercial product, SL Green commissioned Kohn Pedersen Fox to lead architectural design.

The vertical addition will comprise 530,000 square feet positioned above a redeveloped nine-story podium. The reinforced concrete structure will house a series of 32 35,000-square-foot floor plates with minimal support columns to improve internal flexibility.

Amenity spaces within the tower will include expansive outdoor terraces at the tenth and 11th floors, a 15,000-square-foot artisanal food market, a 9,000-square-foot tenant lounge, a three-level fitness center, and bike storage. The building will also contain a 13,000-square-foot high-tech event space designed to accommodate up to 800 people.

With a focus on occupant comfort and wellness, One Madison Avenue will also incorporate state-of-the-art HVAC and circulation systems to improve interior air quality and cleanliness. In addition, the building is expected to achieve both WELL and LEED-Gold certification.

“KPF has enjoyed working with SL Green over the years, recently on One Vanderbilt Avenue and now on One Madison Avenue, which is very different from its taller cousin in Midtown, but we think will have an equally dramatic and positive impact on the city,” said Doug Hocking, AIA, KPF design principal. “We wanted to preserve the character of the original building but also open it up so we could extend the nature of the adjacent park through the tower. When completed, we’re confident that One Madison will be a dynamic, inspiring workplace for the 21st century.”

Additional members of the development team include the National Pension Service of Korea and Hines. Together, the trio of developers have together closed on $1.25 billion in construction financing to complete One Madison Avenue.

“We are proud to be bringing an important new office development to Midtown South that we are confident will attract the top companies and talent,” said Marc Holliday, chairman and chief executive officer of SL Green. “Despite the headwinds presented by current and temporary challenges, we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket for the first time in a decade.”

As part of the development SL Green has also 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. The donation will facilitate the completion of a new dog run and help offset the cost of upkeep and maintenance.

“As we are witnessing the success of East Midtown’s development, it is fitting that we also applaud development in Midtown South with One Madison Avenue,” said Manhattan Borough President Gale A. Brewer. “Adding thoughtful design elements, increasing energy efficiency, and contributing to open space make this a project I can get behind.”

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NYY