{"id":33419,"date":"2022-03-22T11:32:24","date_gmt":"2022-03-22T08:32:24","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=33419"},"modified":"2025-11-12T17:43:02","modified_gmt":"2025-11-12T14:43:02","slug":"ibm-leases-one-madison","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/ibm-leases-one-madison\/","title":{"rendered":"IBM to Occupy 328,000 Square Feet at Flatiron District Office"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]IBM recently signed a 16-year lease to anchor SL Green\u2019s One Madison Ave. \u2014 a 1.4-million-square-foot office tower in the Flatiron District \u2014 in what has become the largest lease deal for a <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener\">New York City office space<\/a> so far this year. The Armonk, N.Y.-based tech company will occupy 328,000 square feet in the yet-to-be-completed building. The lease covers portions of the ground floor, along with floors two and seven, as well as the entirety of floors eight through 10.<\/p>\n<p>Notably, the deal included <a href=\"https:\/\/commercialobserver.com\/2022\/03\/ibm-inks-328k-sf-to-anchor-sl-greens-one-madison\/\" target=\"_blank\" rel=\"nofollow noopener\">different asking rates<\/a> for the various spaces. For instance, the asking rent for floors two through nine was $115 per square foot, whereas it was $160 per square foot for the tenth floor. The tenant was represented by Patrick Murphy, Josh Kuriloff and Winston Schromm of Cushman &amp; Wakefield. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented the landlord.<\/p>\n<p>\u201cWe\u2019re extremely proud to welcome IBM to One Madison Avenue,\u201d said\u00a0Andrew Mathias, president of SL Green. \u201cIBM is an ideal anchor tenant for One Madison, which was designed for exactly this kind of forward-thinking office user.\u201d<\/p>\n<p>\u201cOur new downtown hub will create a modern and dynamic experience for our employees, our clients and our ecosystem partners,\u201d said Joanne Wright, IBM\u2019s vice president of enterprise operations and services. \u201cWe see New York as an extraordinary center of talent and innovation, and we are confident our new home at One Madison will help attract the kind of talent we need to keep IBM at the vanguard of innovation.\u201d<\/p>\n<p>IBM has been looking for a suitable location to consolidate several of its existing Manhattan offices, including 590 Madison Ave. and 51 Astor Place. The company\u2019s footprint at One Madison will be smaller than the combined square footage of its older office spaces, but it will benefit from a host of amenities that will be added during the development, which is being led by Kohn Pedersen Fox Associates and is expected to be completed in November 2023.<\/p>\n<p>In 2005, SL Green paid MetLife $918 million for One Madison Avenue and later announced it would construct a new glass tower above the existing 900,000-square-foot limestone structure. Once completed, the tower will feature a DOAS HVAC system to circulate fresh outside air; a 13,000-square-foot, full-service restaurant; a 10,000-square-foot artisanal food market; a 7,000-square-foot, tenant-only, club-style lounge; and a 5,000-square-foot shared tenant roof deck. Additionally, <a href=\"https:\/\/www.bizjournals.com\/newyork\/news\/2022\/03\/15\/ibm-signs-lease-to-anchor-one-madison-avenue.html\" target=\"_blank\" rel=\"nofollow noopener\">IBM will also have a client center<\/a> to showcase its artificial intelligence and hybrid cloud technologies.<\/p>\n<p>One Madison Ave.\u2019s occupancy rate currently stands at roughly 30% after Chelsea Piers Fitness also signed a 20-year lease for\u00a0<a href=\"https:\/\/therealdeal.com\/2021\/10\/21\/sl-greens-one-madison-inks-for-56sf-for-first-tenant\/\" target=\"_blank\" rel=\"nofollow noopener\">56,000 square feet<\/a> at the building some five months earlier. According to Yardi Research Data for January, <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\" target=\"_blank\" rel=\"noopener\">Manhattan\u2019s office vacancy<\/a>\u00a0hit 12.8%, with the Gramercy Park submarket (which includes the Flatiron District where the One Madison development is unfolding) close to the metro\u2019s average at 12.4%.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>IBM has been looking for a suitable location to consolidate several of its existing Manhattan offices, including 590 Madison Ave. and 51 Astor Place. The company\u2019s footprint at One Madison will be smaller than the combined square footage of its older office spaces, but it will benefit from a host of amenities that will be added during the development, which is being led by Kohn Pedersen Fox Associates and is expected to be completed in November 2023.<\/p>\n","protected":false},"author":56,"featured_media":33420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,4014,39],"tags":[],"class_list":["post-33419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IBM Inks Lease at One Madison Avenue | 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