SL Green starts construction at $2.3 billion One Madison Avenue redevelopment

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Rendering posted on SL Green's Facebook page

SL Green has started construction at the 1.4 million sq. ft. One Madison Avenue office building in the Flatiron District in a $2.3 billion redevelopment project.

The project entails the expansion and redevelopment of an existing 13-story structure into a 27-story Class A office building.

The developer partnered with Hines and the National Pension Service of Korea (NPS)  for the redevelopment at the corner of Madison Avenue and East 23rd street. Kohn Pederson Fox (KPF) is the architect.

In a Nov. 16 statement, the developers said they have  have closed on a $1.25 billion construction loan for the project. The facility was led by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank.

New York YIMBY reports that the vertical addition will comprise 530,000 sq. ft. above a redeveloped nine-story podium. The reinforced concrete structure will house a series of 32 35,000-sq. ft. floor plates with minimal support columns to improve internal flexibility.

The developers say the project will incorporate state-of-the-art HVAC and circulation systems to improve interior air quality and cleanliness. They are seeking both WELL and LEED-Gold certification.

“KPF has enjoyed working with SL Green over the years, recently on One Vanderbilt Avenue and now on One Madison Avenue, which is very different from its taller cousin in Midtown, but we think will have an equally dramatic and positive impact on the city,” KPF design principal Doug Hocking said in a statement. “We wanted to preserve the character of the original building but also open it up so we could extend the nature of the adjacent park through the tower. When completed, we’re confident that One Madison will be a dynamic, inspiring workplace for the 21st century.”

“We are proud to be bringing an important new office development to Midtown South that we are confident will attract the top companies and talent,” said Marc Holliday, chairman and chief executive officer of SL Green. “Despite the headwinds presented by current and temporary challenges, we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket for the first time in a decade.”

The existing office building will be demolished down to the ninth floor and above 17 floors will be built. The podium levels at the base of the existing building will have 90,000 sq. ft. floor plates and the new floors above will have 36,000-sq.-ft. floor plates.

The project is expected to be completed in 2024.

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