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

[NYguy]

https://www.businessinsider.com/ibm-...kefield-2020-7

IBM is on the hunt for a massive Manhattan space, showing that worries about the death of the big-city office may be overblown


By Daniel Geiger

The $110 billion public company has narrowed its options to roughly half a dozen buildings, these sources said. Among the spaces IBM is said to be considering is a deal to anchor a potential redevelopment of the office property One Madison Avenue.

IBM is seeking between 450,000 and 500,000 square feet and has hired the real estate services firm Cushman & Wakefield to help it evaluate and procure the space.

"Years go into the decision-making process of where to locate a company, lease space, and grow," said Nelson Mils, the president and CEO of Columbia Property Trust, which owns and operates nearly 3 million square feet of space in the city and also owns buildings in other major markets such as San Francisco, Boston, and Washington DC. "Successful companies spend a lot of time and energy making these decisions and Covid is just one more aspect of the process."

https://therealdeal.com/2020/07/31/i...hattan-office/

IBM narrows search for big Manhattan office
Despite pandemic, tech giant taps Cushman & Wakefield to find space





July 31, 2020

Much has changed since last fall, when IBM was looking for a sizable new office in Manhattan.

One thing that hasn’t is that IBM is still pursuing it, even as the pandemic and work-from-home has raised doubt about the future of offices in urban centers.

In fact, the blue-chip giant has narrowed its search down to about six buildings — including SL Green’s One Madison Avenue — and has hired Cushman & Wakefield to find it, Business Insider reported. At One Madison Avenue, it would potentially anchor a redevelopment. Crain’s reported on the tech company’s search and rumored Cushman hiring in October.

The Blue Chip tech giant, which two months ago ditched an enormous WeWork office, is seeking between 450,000 and 500,000 square feet to consolidate other Manhattan offices.

The move would restore some confidence in the office sector, which has nosedived. Just 8.3 million square feet has been leased in Manhattan this year, down from almost 15 million at this point last year, CBRE reported.

Some tech firms are pushing ahead with leases, however. Facebook agreed to take 700,000 square feet on Manhattan’s West Side at the Farley Building, which continues to take shape. Social media site TikTok recently scored 200,000 square feet from the Durst Organization at 151 West 42nd Street in Times Square.

[JMKeynes]

Originally Posted by NYguy

https://www.businessinsider.com/ibm-...kefield-2020-7

IBM is on the hunt for a massive Manhattan space, showing that worries about the death of the big-city office may be overblown


By Daniel Geiger






https://therealdeal.com/2020/07/31/i...hattan-office/

IBM narrows search for big Manhattan office
Despite pandemic, tech giant taps Cushman & Wakefield to find space





July 31, 2020

I'd rather see IBM anchor 3 Hudson Blvd. I'd like to see that rise, and I'm not sure if it needs a tenant before it does.

[chris08876]

I recall hearing that 3 Hudson would be built on spec. Should give it enough time to secure a major tenant. Unless its changed recently, but I do believe its on spec.

While risky, not relying on a tenant commitment, I'm sure they will land a good tenant or at least smaller ones to make up for the expenditure.

[Crawford]

Originally Posted by chris08876

I recall hearing that 3 Hudson would be built on spec. Should give it enough time to secure a major tenant. Unless its changed recently, but I do believe its on spec.

Boston Properties is building 3 Hudson Blvd. They typically build on spec.

[NYguy]

I'm hoping that the wave of momentum with investment and demand in that area will somehow revive a fully built Met Life tower. I can dream.








https://www.google.com/url?sa=i&url=...AAAAAdAAAAABAE

[rgarri4]

^^^ God that would be amazing!

[kenratboy]

OMG don't even tease about that. I would love to see it happen, but don't think it ever will.

I wonder if building codes would disallow it today?

Wildcard - maybe as part of a residential redevelopment?

[SkyHigher]

the original core was downsized in a late 90s refurb i'm afraid folks. the footprint of that building is impressive though.

[NYguy]

Originally Posted by SkyHigher

the original core was downsized in a late 90s refurb i'm afraid folks. the footprint of that building is impressive though.

Not likely to happen, but if they wanted to make it happen they could.

[Busy Bee]

Originally Posted by SkyHigher

the original core was downsized in a late 90s refurb...

What does that even mean? How does one "downsize a core"?

[SkyHigher]

Originally Posted by Busy Bee

What does that even mean? How does one "downsize a core"?

From Wiki

"From 1994 to 1997, the building's interior was demolished and rebuilt by Haines Lundberg Waehler and the exterior was renovated at a cost of $300 million. The renovation entailed reducing the size of the building's core to provide additional office space."

Originally Posted by NYguy

Not likely to happen, but if they wanted to make it happen they could.

chances of that happening though is unlikely to happen unless such a project in the future would have a chance of happening if such a project had a billionaires crowd funding perhaps?

[NYguy]

Originally Posted by SkyHigher

chances of that happening though is unlikely to happen unless such a project in the future would have a chance of happening if such a project had a billionaires crowd funding perhaps?

One of the dumbest statements.

[NYguy]

Originally Posted by SkyHigher

Says the guy who posted St. Nicholas Greek Orthodox Church updates in the 5 World Trade Center thread.

Exactly where it should go. And please, keep the foolish commentary to yourself. Come back when you have something of substance to add to the conversation.

[Hudson11]

This is the more attractive location but I wish Silverstein would court IBM for 2 WTC.

[NYguy]

Originally Posted by Hudson11

This is the more attractive location but I wish Silverstein would court IBM for 2 WTC.

I'm sure he has. All of the potential big lease tenants have to kick the tires around available space. This site is just one of a few...

In fact, the blue-chip giant has narrowed its search down to about six buildings — including SL Green’s One Madison Avenue — and has hired Cushman & Wakefield to find it

[mrnyc]

a one mad redevelopment or tower is great, but looks like i'm the only one who think developers should leave the met life north bldg alone. ha.

[Hudson11]

edit

[NYguy]

Originally Posted by mrnyc

a one mad redevelopment or tower is great, but looks like i'm the only one who think developers should leave the met life north bldg alone. ha.

I'm not counting on it happening. But we would be nuts to say that it couldn't happen. This is a city that has seen the Hearst Tower, Steinway Tower, 9 Dekalb, and frankly what's going on right here. Things can happen, even if it doesn't mean they necessarily will.

Anyway, it's one of the most valuable buildings in the entire city, and SL Green (currently wrapping up 1 Vanderbilt) is content with things the way they are...



https://slgreen.com/properties/11-madison-avenue

11 Madison Avenue, New York, NY

Eleven Madison Avenue is a 30-story office tower situated on a full city block between Park Avenue South and Madison Avenue, and 24th and 25th Streets. Located in Manhattan’s Midtown South neighborhood, the building is adjacent to the vibrant Madison Square Park and is within steps of the neighborhood’s many fine restaurants and shopping locations. The architecturally stunning building offers immediate access to the 6 subway line and is located one block from the N and R subway lines. This unique property features oversized floor plates (100,000 square feet). The property serves as the North American headquarters of Credit Suisse, the US headquarters of SONY and is home to the world-renowned, 3 Michelin Star restaurant Eleven Madison Park.

The former Metropolitan Life North Building, Eleven Madison Avenue was designed by Harvey Wiley Corbett and Dan Everett Wade in 1928 and was finished in 1950. Wade was the house architect for the Metropolitan Life Insurance Company while Corbett, one of the most important advocates of skyscraper design in America, had been selected to design Rockefeller Center, but left that project to design Eleven Madison Avenue.

The building was conceived as a 100-story spire that would have been the tallest in the world. The Great Depression put a stop to the original plan and the building was completed with 30 floors – although the base is designed to support an additional 70 stories.

The building is one of the finest Art Deco structures in America, employing the setback codes of the era to create a highly faceted and sculptural mass of Alabama limestone that rises in a series of linked bays. Arches at each corner of the building open into a beautiful double-height lobby finished with elegant marble inlay and ceiling designs. The interiors were renovated in 1994-1997 by Haines Lundberg Waehler, and the building was placed on the National Register in 1996. Eleven Madison Avenue is a spectacular presence in Midtown South.

https://www.instagram.com/p/CDb1-cbH10b/

[NYguy]

A few notes on leasing from SL Green...

[jackster99]

Had Met Life North been built to it's full height, I've always thought it would have vastly overshadowed the Empire State building. I think it would have been the icon of NYC and the skyscraper that the rest of the world associated with the city.

I understand the Empire State would have always been special considering it's position smack dab in the middle of Manhattan, but I think it would have been more forgotten overall, similar to 70 Pine Street and 40 Wall Street, just another very tall art deco tower that didn't win the race to tallest.

Met Life would have been the tower on postcards, stamps, city promotional material, the building first blown up in Independence Day, etc.