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SL Green plans to announce this morning that three new tenants have signed leases at its revamped and expanded 1 Madison Ave., next to the landmarked MetLife clock tower overlooking Madison Square Park.
The new 1.4 million square-foot building is 63.6% leased, said SL Green, which owns a 26% stake in the $2.3 billion development along with partners including the National Pension Service of Korea and Hines. IBM has leased 330,000 square feet, and Chelsea Piers Fitness has agreed to take more than 50,000 square feet when the building opens this summer.
The largest of the three new tenants announced today is an unidentified financial services firm, which is taking 67,000 square feet for 11 years, SL Green said. Flutter Entertainment, the Ireland-based owner of the Paddy Power betting site, is taking 36,000 square feet for a 12-year term. An Italian sandwich shop, Alidoro, is leasing 1,000 square feet on the ground.
“We’re excited to welcome these new tenants to One Madison Avenue,” said Steven Durels, director of leasing and real property at SL Green, which owns about 30 million square feet of Manhattan commercial space and is the city’s largest office landlord.
SL Green is expected to say that it leased 550,000 square feet last quarter when it reports quarterly results on April 17. Its share price rose by 24% in the first quarter, the highest of any publicly traded real estate stock.
1 Madison Ave.’s amenities will include a steakhouse seating 150 run by Daniel Boulud, La Tête d’Or by Daniel.
“La Tête d’Or will be a true American steakhouse with a French ‘triple s’ branding: soul, seasoning and sauces!” said Boulud, whose kitchen will also provide food and beverages for an event space and rooftop garden on the 28th floor called Le Jardin sur Madison.
The glass tower is rising atop an existing building, doubling its height.
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Aaron Elstein , 2024-04-09 12:03:05
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