{"id":1004728303,"date":"2024-09-09T04:00:57","date_gmt":"2024-09-09T12:00:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004728303"},"modified":"2024-09-09T05:39:02","modified_gmt":"2024-09-09T13:39:02","slug":"ibm-opens-manhattan-flagship-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/","title":{"rendered":"IBM Opens Manhattan Flagship Office"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004728311\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/one-madison-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Madison Ave\" data-image-description=\"&lt;p&gt;Exterior shot of One Madison Avenue in Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;IBM\u2019s space at One Madison Avenue includes a 300-person auditorium and a 22,000-square-foot Innovation Studio. Image courtesy of Roy Rochlin for Getty Images&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\" alt=\"Exterior shot of One Madison Avenue in Manhattan.\" class=\"wp-image-1004728311\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">IBM\u2019s space at One Madison Avenue includes a 300-person auditorium and a 22,000-square-foot Innovation Studio. <em>Image by Roy Rochlin for Getty Images, courtesy of IBM<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>IBM has opened its 270,000-square-foot flagship office at One Madison Avenue, a 1.4 million-square-foot building in Manhattan. Based in Armonk, N.Y., the Fortune 100 firm signed the 16-year, five-floor lease in 2022.<\/p>\n\n\n\n<p>IBM is moving all its New York-area departments to One Madison Avenue, which will house more than 2,000 of its employees. Full occupancy is slated for next month.<\/p>\n\n\n\n<p>Designed by Gensler, IBM\u2019s space features a 300-person auditorium, a 25,000-square-foot rooftop terrace and a bar, as well as a separate, expansive street-level lobby. Additionally, the company will use a 22,000 square-foot Innovation Studio, alongside individual and collaboration areas.<\/p>\n\n\n\n<p>The news came on the heels of <a href=\"https:\/\/www.commercialsearch.com\/news\/ibm-scoops-up-320-ksf-in-austin\/\">IBM\u2019s lease for 320,000 square feet<\/a> at Cousins Properties\u2019 Domain 12 building in Austin, Texas. The company will assume Meta Platform\u2019s existing commitment starting January 2026.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-one-madison-avenue-up-close\">One Madison Avenue, up close<\/h2>\n\n\n\n<p>SL Green acquired the office tower in 2005 for $801.7 million. In May 2020, the National Pension Service of Korea and Hines purchased a 49.5 percent stake in the property for $493 million. Later, in December 2021, SL Green sold an additional 25 percent interest in the building to a foreign investor.<\/p>\n\n\n\n<p>The Class A, 27-story building came online in 1893 and was completely renovated last year, according to CommercialEdge. The project also involved extending the space by 500,000 square feet. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/office-finance-freeze-begins-slow-thaw\/\">Office Finance Freeze Begins Slow Thaw<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The ownership took out a $1.3 billion construction loan in 2020 and a $575 million note in 2022 from Wells Fargo Bank for this endeavor. Kohn Pedersen Fox Associates designed the $2.3 billion redevelopment, while AECOM Tishman Construction served as general contractor.<\/p>\n\n\n\n<p>Amenities now include a barista coffee bar, an event space and rooftop garden dubbed Le Jardin sur Madison, a 6,200-square-foot interior lounge and an outdoor terrace, as well as nearly 1.3 acres of outdoor space and bike storage. The tower also has a four-level, 60,000-square-foot fitness center.<\/p>\n\n\n\n<p>The proposed LEED Gold-certified building is at 1 Madison Ave., less than 1 mile from the Empire State Building and 2 miles from Rockefeller Center.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-office-market-improves\">Manhattan\u2019s office market improves<\/h2>\n\n\n\n<p>Manhattan\u2019s office vacancy rate clocked in at 16.6 percent as of July, down 90 basis points year-over-year, according to the latest <a href=\"https:\/\/www.commercialsearch.com\/news\/expanding-office-to-housing-conversion-potential\/\">CommercialEdge office report<\/a>. The rate was also 1.5 percent below the national average. Additionally, the market\u2019s listing rate during the same month was $71.34, more than double the U.S. figure.<\/p>\n\n\n\n<p>In July, <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-extends-manhattan-lease-takes-on-triple-duties-at-trophy-tower\/\">CBRE extended its approximately 180,000-square-foot lease <\/a>at 200 Park Ave. in Manhattan. The brokerage firm also took over the duties of leasing, property and asset management at Irvine Co.\u2019s tower.<\/p>\n\n\n\n<p>Earlier this year, <a href=\"https:\/\/www.commercialsearch.com\/news\/hsbc-opens-265-ksf-hudson-yards-hq\/\">HSBC opened its headquarters<\/a> at The Spiral at Hudson Yards. The company will occupy 265,000 square feet at Tishman Speyer\u2019s 66-story office for 20 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fortune 100 company committed to this space in 2022.<\/p>\n","protected":false},"author":3355,"featured_media":1004728311,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[33012,32797,32784,33717,32779,32895],"class_list":["post-1004728303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-gensler","tag-hines","tag-ibm","tag-kohn-pedersen-fox","tag-leed","tag-sl-green-realty-corporation"],"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 Opens Manhattan Flagship Office - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"IBM opened its 270,000-square-foot flagship office at One Madison Avenue, SL Green Realty Corp.\u2019s building in Manhattan.\" \/>\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-opens-manhattan-flagship-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBM Opens Manhattan Flagship Office\" \/>\n<meta property=\"og:description\" content=\"IBM opened its 270,000-square-foot flagship office at One Madison Avenue, SL Green Realty Corp.\u2019s building in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/\" \/>\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=\"2024-09-09T12:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-09T13:39:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\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-opens-manhattan-flagship-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/\",\"name\":\"IBM Opens Manhattan Flagship Office - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\",\"datePublished\":\"2024-09-09T12:00:57+00:00\",\"dateModified\":\"2024-09-09T13:39:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"IBM opened its 270,000-square-foot flagship office at One Madison Avenue, SL Green Realty Corp.\u2019s building in Manhattan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ibm-opens-manhattan-flagship-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/09\/One-Madison-Ave.jpg\",\"width\":1000,\"height\":750,\"caption\":\"IBM\u2019s space at One Madison Avenue includes a 300-person auditorium and a 22,000-square-foot Innovation Studio. 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