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

[chris08876]

SL Green will redevelop One Madison Avenue when Credit Suisse lease expires in 2020

Architect Daniel Libeskind’s design for a 600-foot-tall condominium tower at One Madison Avenue was one of the most talked-about projects in the city when details leaked in 2007. Elad Group would construct the glassy tower, and reportedly had a deal to buy excess air rights from SL Green Realty above the 16-story limestone building, which runs along 23rd Street from Madison Avenue to Park Avenue South.

That deal fell apart amid the global financial crisis.

Now, more than a decade later, SL Green has plans to use those air rights to redevelop One Madison Avenue as an office building.

The real estate investment trust will use those air rights to build additional floors on top of the existing building.

“The major value paradigm here is there’s somewhere between [250,000] and 450,000 square feet of unused… as-of-right air rights that can be used on a building that was built as a podium,” SL Green CEO Marc Holliday said on the company’s earnings call Thursday.

“This will be a very exciting redevelopment not only for the company but I think for New York City,” he said.

Credit Suisse is the largest tenant at the 1.1 million-square-foot One Madison Avenue, with a lease expiring in December 2020.

Holliday said he plans to release more details about the redevelopment in December, and that work would likely commence in 2021.

“There will be a couple years of physical work to do at that building,” he said.

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TRD

[JMKeynes]

I hope that reskin the base's façade.

[jackster99]

A bit off topic, but I still wish a developer would build the nearby Metropolitan Life North Building to its full height. It was originally planned to be 100 stories, and the current 29 story base was constructed to be able to support that original planned height.

[chris08876]

Originally Posted by jackster99

A bit off topic, but I still wish a developer would build the nearby Metropolitan Life North Building to its full height. It was originally planned to be 100 stories, and the current 29 story base was constructed to be able to support that original planned height.

Keep the fingers crossed. I too was thinking that when I read this at first. A lot of is happening, and I think the trend will be to redevelop similar style buildings in the sense of additions on a large scale. The potential certainty exists.

[antinimby]

Originally Posted by jackster99

A bit off topic, but I still wish a developer would build the nearby Metropolitan Life North Building to its full height. It was originally planned to be 100 stories, and the current 29 story base was constructed to be able to support that original planned height.

Sadly, the zoning has changed since then and not for the better either. I really doubt there is now enough air rights left to build an office tower that tall.

[chris08876]

With the right zoning modification or amendment, anything can happen. Air rights are just development space rights above the parcel that are exclusive and can be used to build within the confines of the zoning. The only thing limiting a certain height is technology itself. The sky is the limit in theory, it'll just take the right "legal" approach to make it happen.

With technology moving so fast, the only real bottleneck is bullshit bureaucracy, and zoning is part of that. Not saying zoning is not necessary, but it is part of the bureaucracy axis of evil.

[JMKeynes]

The WSJ posted this image of the eighteen-story addition, which will be “unveiled” tomorrow. I just hope that the limestone base is nicely renovated and gets nice new windows throughout as shown on the Madison Ave side.


https://www.wsj.com/articles/real-es...eal-1543788000

[Hudson11]

The progenitor of Midtown Manhattan's skyline deserves a better neighbor. Look at what Chicago is building next to the iconic Tribune Building.

[NYguy]

Originally Posted by Hudson11

The progenitor of Midtown Manhattan's skyline deserves a better neighbor. Look at what Chicago is building next to the iconic Tribune Building.

Has nothing to do with what they will be building there.

[NYguy]

https://therealdeal.com/2018/12/03/t...adison-avenue/

These are SL Green’s big plans for One Madison Avenue
Redevelopment project will bring building’s total rentable square footage to 1.5M sf


By Eddie Small
December 03, 2018

SL Green Realty’s redevelopment project at One Madison Avenue will include 18 new floors and bring the building’s total rentable square footage to about 1.5 million square feet, according to new details released about the project on Monday.

The firm has tapped architecture firm Kohn Pedersen Fox to lead the redesign of the building, which will include modern office spaces, tenant floors and more than an acre of outdoor terraces.

SL Green is using 218,000 square feet of development rights to redevelop the building as-of-right. Demolition and construction should begin in 2020 or 2021 after the building’s existing tenant leases expire. The project will feature rentable floorplates of between 32,000 and 35,000 square feet.

The Real Deal previously reported over the summer that SL Green planned to use air rights to redevelop the tower as an office building after Credit Suisse’s lease expires in December 2020. At 1.1 million square feet, it is the largest tenant in the building.

https://www.businesswire.com/news/ho...eating-Midtown

SL Green Realty Corp., 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 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.

https://www.6sqft.com/nomads-one-mad...-pedersen-fox/

[Zerton]

I love the old & new. Wasn't there a similar Libeskind proposal like this years ago for a nearby building?


One thing that bothers me - in the renderings it looks like they're getting rid a of the deco metal panels that fill the gaps between the windows. That's such a nice part of the building. I understand the desire for bigger windows but they're going to lose such an important element of the facade.

[NYguy]

Originally Posted by Zerton

I love the old & new. Wasn't there a similar Libeskind proposal like this years ago for a nearby building?

Not just nearby...



https://www.pinterest.co.uk/pin/326722147946226382/



https://www10.aeccafe.com/blogs/arch...iel-libeskind/

[kingkirbythe....]

Originally Posted by NYguy

Not just nearby...



https://www.pinterest.co.uk/pin/326722147946226382/



https://www10.aeccafe.com/blogs/arch...iel-libeskind/

That would have been a great one. Now we’ll have a just okay one.

[tdawg]

I like this. It's sort of Art Deco meets the Seagram Bldg.

[NYguy]

Originally Posted by tdawg

I like this. It's sort of Art Deco meets the Seagram Bldg.

That will be a total 1.5 msf of space, with the modern amenities that we see going in all of the new office buildings around town. They will snag a big tenant, or tenants. I just hope that with the early success of One Vanderbilt, and the excitement they will generate around the space here, there is some spillover to MetLife North.

Also, I don't recall where Credit Suisse is moving to...

The Real Deal previously reported over the summer that SL Green planned to use air rights to redevelop the tower as an office building after Credit Suisse’s lease expires in December 2020. At 1.1 million square feet, it is the largest tenant in the building.

[NYguy]

https://nypost.com/2018/12/18/facebo...e-madison-ave/

Facebook looks to lease redeveloped One Madison Ave.

By Lois Weiss
December 18, 2018

Like other tech behemoths, Facebook is looking toward a larger future in the Big Apple with a play for the transformation of an office tower next to Madison Square Park.

The social media network is now negotiating to lease the One Madison Ave. redevelopment being planned by SL Green Realty Corp., sources say.

Back in June, I wrote that SL Green wanted to add a tower to the top of the current 1.127-million-square-foot low-slung granite building.

The 1909-era structure is leased by Credit Suisse, which is moving out. The building sits on nearly the entire block between Madison and Park Avenue South, from East 23rd to East 24th streets.

Its northwest corner hosts the New York Edition hotel in the imposing 41-story landmarked clock tower.

According to a spokesman, Facebook now occupies 758,000 square feet at 770 Broadway and another 266,000 square feet at 225 Park Ave. South.

In October, the Real Deal reported Facebook was in talks to lease all of 63 Madison Ave. at East 28th Street with 870,000 square feet. A long-term lease is ending there and most tenants are on co-terminating subleases.

According to the Real Deal, the Facebook negotiations caused that building to lose tenants

But sources say those discussions with Facebook may be kaput as it turns to the upcoming reinvention of One Madison. Of course, Facebook could be negotiating with both buildings if, like other tech giants, it’s dramatically ramping up its own expansion plans over the next five years.

[NYguy]

https://therealdeal.com/the-power-of...adison-avenue/

The Power of One – SL Green Infuses History with Modernity at One Madison Avenue

New York City, at its core, is always in motion. To understand this dynamic in action, look at its commercial sector, which is a great barometer of where people are working, where new business hubs are emerging and the type of industry and businesses that are in demand. To meet ever-changing needs, it’s up to developers and landlords to stay ahead of the curve and build for the future.

That’s why in 2019 SL Green Realty Corp., New York City’s largest office landlord, is doubling down on its Midtown stronghold, which continues to be the premier business district in the world’s most important financial and creative capital.

Across Midtown, SL Green owns and manages some of the neighborhood’s most prominent buildings, including the Graybar Building at 420 Lexington Avenue, 1185 Avenue of the Americas, and 919 Third Avenue. In East Midtown, their under-construction supertall, One Vanderbilt, is set to redefine the city’s skyline. Towards the Hudson River, they’ve recently purchased their first property in the Hudson Yards sub-district, giving them a new foothold in the far west side neighborhood.

...SL Green is redeveloping One Madison Avenue, a marquee building that will set the standard for new office construction in the sub-district. They’ve tapped Kohn Pedersen Fox to lead the building’s design and brought on Hines and Gensler, reuniting the team responsible for constructing One Vanderbilt.

One Madison will create 18 additional column-free floors above the existing building – expanding the rentable space to nearly 1.5 million square feet. The renovation will also include terraces on the 10th and 11th floors, featuring exceptional views of Madison Square Park and the surrounding area, in addition to private tenant terraces at the top of the tower. The building’s lobby and ground-floor retail space will undergo a full upgrade, too.

One Madison was built as part of the Metropolitan Life Insurance Company’s original campus which includes the iconic MetLife tower – the tallest building in the world when it was built in 1909. When completed, the campus was an international sensation in the architectural community, not only for its modern design, but also for the complex’s rapid construction. In 1953, One Madison was renovated as a late Art Moderne building to reflect the contemporary style. SL Green’s plans for One Madison will literally build upon this history and continue the building’s legacy as an iconic address for the new century.

[NYguy]

https://therealdeal.com/2019/08/14/a...-office-space/

Apple is hunting for enormous Manhattan office space
iPhone maker could be looking for as much as 750K sf, sources say





By Rich Bockmann and Eddie Small
August 14, 2019

Apple has joined tech giants like Facebook and Amazon in the competition to lock up prime blocks of large Manhattan office space.

The Cupertino, California-based tech company is looking around Manhattan for somewhere between 200,000 and 500,000 square feet for a new office, sources told The Real Deal. One source said the tech firm could take as much as 750,000 square feet.

Apple’s checked out the usual suspects of properties on the short list for most companies with assignments of that size, including the Related Companies and Oxford Properties Group’s 50 Hudson Yards, Related and Vornado Realty Trust’s Farley Post Office redevelopment and SL Green Realty’s One Madison Avenue, sources said.

Apple is the last of the big FAANG tech companies (Facebook, Amazon, Apple, Netflix, Google) to scale up to a significant size in New York City. But to the city’s office landlords and leasing brokers, the move seemed inevitable: As the availability of office space and workforce talent in grows ever-tighter in Silicon Valley, these companies would naturally look to expand to tech hubs like New York.

Facebook, Google and Amazon each already have a significant presence in the city with offices that take up several hundred thousand square feet each. And they’re all competing with one another for the choicest properties – sometimes bumping their rivals.

Amazon is reportedly in discussions to lease 400,000 square feet in the Hudson Yards neighborhood at SL Green’s 460 West 34th Street.

Netflix, meanwhile, recently leased 100,000 square feet in the Flatiron District for offices at Normandy Real Estate Partners’ 888 Broadway and 161,000 square feet at 333 Johnson Avenue in Bushwick for sound stages.

Apple currently leases about 45,000 square feet in the Flatiron District at the Kaufman Organization’s 100-104 Fifth Avenue – where it opened its office in 2011.

Sources said Apple’s current search is to accommodate new hires the company plans to make.

[NYguy]

Timeline from SL Green...

[Busy Bee]

Yeah I was looking for that wild Libeskind proposal. I'll take the current reserved proposal any day over that look at me nonsense. Now if we can just finish the North Building!