{"id":1004572047,"date":"2022-03-16T03:33:18","date_gmt":"2022-03-16T11:33:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004572047"},"modified":"2022-12-08T12:30:59","modified_gmt":"2022-12-08T20:30:59","slug":"ibm-bets-big-on-manhattan-signs-328-ksf-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ibm-bets-big-on-manhattan-signs-328-ksf-lease\/","title":{"rendered":"IBM Gives Manhattan Thumbs-Up, Takes 328 KSF"},"content":{"rendered":"
\"One<\/a>

One Madison Avenue. Image courtesy of SL Green Realty Corp.<\/p><\/div>\n

IBM<\/strong> has announced a major commitment to SL Green Realty Corp<\/strong>.\u2019s upcoming One Madison Avenue tower in Manhattan\u2019s Midtown South. The tenant signed a 328,000-square-foot, 16-year lease at the 1.4 million-square-foot skyscraper. The commitment marks one of the borough’s largest leases of the quarter.<\/p>\n

IBM will have an exclusive lobby entrance at the property and will occupy floors eight through 10, as well as portions of the second and seventh floors. Recently, Chelsea Piers Fitness also made a long-term commitment at One Madison, with a 20-year, 56,000-square-foot lease.<\/p>\n

Located adjacent to Madison Square Park, the tower is slated for delivery in November 2023. The renovation and extension project includes 900,000 square feet, topped by more than 500,000 square feet of newly constructed space. In November 2020, SL Green, along with its joint venture partners, closed on a $1.3 billion construction loan<\/a> for the project.<\/p>\n

Attracting big players<\/h2>\n

In May 2020, The National Pension Service of Korea and Hines joined the development team of One Madison Avenue, with the $493 million purchase of a 49.5 percent stake in the property. In December 2021, SL Green sold another 25 percent share<\/a> of the building to an international investor.<\/p>\n

Last May, IBM spinoff Kyndryl committed to 22,531 square feet<\/a> at SL Green\u2019s One Vanderbilt trophy tower, also in Midtown. The space will serve as the global headquarters of the information technology infrastructure provider.<\/p>\n

One Madison’s will offer a DOAS HVAC system, floor-to-ceiling windows and a large roof terrace. Amenities include a 13,000-square-foot restaurant, a 10,000-square-foot food market, a 7,000-square-foot club-style lounge, as well as 5,000 square feet of roof deck.<\/p>\n

Cushman & Wakefield\u2019s Patrick Murphy, Josh Kuriloff and Winston Schromm represented IBM in the lease signing, while JLL\u2019s Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass worked on behalf of the landlord.<\/p>\n

Office occupancy in Manhattan<\/h2>\n

In January, Manhattan\u2019s office vacancy<\/a> clocked in at 12.8 percent, placing the metro second among gateway markets, after Boston (10.7 percent), according to CommercialEdge data. On a year-over-year basis, the borough increased its vacancy by 230 basis points.<\/p>\n

The same month, the Gramercy Park submarket\u2014which includes the Flatiron District where One Madison rises\u2014was close to the metro\u2019s average, baring a 12.4 percent rate. Hudson Square was one of the submarkets with the lowest vacancies, hitting 5.6 percent, while the Financial District was on the other side of the spectrum, at 15.4 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

This marks one of the borough’s largest leases this quarter.<\/p>\n","protected":false},"author":739,"featured_media":1004560010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,1600,21742,10,21747],"tags":[32799,32784,32796,34964],"class_list":["post-1004572047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-ibm","tag-jll","tag-sl-green-realty-corp"],"acf":[],"yoast_head":"\nIBM Gives Manhattan Thumbs-Up, Takes 328 KSF - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The company signed one of the biggest Manhattan office leases of the year at SL Green and Hines' One Madison Avenue in Midtown South.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ibm-bets-big-on-manhattan-signs-328-ksf-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBM Gives Manhattan Thumbs-Up, Takes 328 KSF\" \/>\n<meta property=\"og:description\" content=\"The company signed one of the biggest Manhattan office leases of the year at SL Green and Hines' One Madison Avenue in Midtown South.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ibm-bets-big-on-manhattan-signs-328-ksf-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-16T11:33:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:30:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/12\/One-Madison-Avenue-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"568\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ibm-bets-big-on-manhattan-signs-328-ksf-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ibm-bets-big-on-manhattan-signs-328-ksf-lease\/\",\"name\":\"IBM Gives Manhattan Thumbs-Up, Takes 328 KSF - 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