Building upon One Vanderbilt partnership, Kohn Pedersen Fox tapped to
lead redesign of office building overlooking Madison Square Park
NEW YORK--(BUSINESS WIRE)--Dec. 3, 2018--
SL Green Realty Corp. (NYSE:SLG), 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 has been a visionary developer to work with at One Vanderbilt,
so naturally we jumped at the chance to collaborate on the redesign of
One Madison -- a dramatic transformation that will infuse a timeless New
York City property with a dynamic, inspiring workplace for the 21st
century,” said Doug Hocking, AIA, Design Principal, Kohn Pedersen Fox.
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.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of September 30, 2018, SL
Green held interests in 106 Manhattan buildings totaling 46.4 million
square feet. This included ownership interests in 28.2 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 15 suburban buildings totaling 2.3 million
square feet in Brooklyn, Westchester County, and Connecticut.
About Kohn Pedersen Fox Associates
Kohn Pedersen Fox Associates (KPF) is a global architecture practice
dedicated to clients that represent some of the most forward-thinking
developers, companies and institutions around the world. The firm’s
portfolio spans more than 40 countries, and includes a wide range of
projects from office and residential complexes to civic and cultural
buildings to research and educational facilities. KPF’s mission is to
create buildings and places of the utmost quality and contextual
sensitivity, providing a valuable impact on their respective cities.
Earning the firm recognition as one of the most respected architectural
design practices in the world, KPF’s body of work has been widely
exhibited, is the subject of 14 monographs, and has won over 400 awards.
SLG- GEN
View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005254/en/
Source: SL Green Realty Corp.
SL Green Realty Corp.
Matt DiLiberto
slgreen@berlinrosen.com
646.452.5637
