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Construction Begins on $2.3B NYC Office Tower

Thursday, December 3, 2020

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Despite the fact that the COVID-19 pandemic has decreased the demand for office space across the country, specifically reducing the occupancy of Manhattan office towers by 85%, developers broke ground on One Madison Avenue, a new commercial development in New York City.

According to reports, the project is the largest commercial development since the pandemic hit the nation in March.

“I think 2023 is the perfect time to bring One Madison onto the market,” said SL Green Realty Group Executive Vice President and Leasing Director Steven Durels. “I think we’ll be past COVID and the economy will be in growth mode.”

One Madison Avenue

In mid-November, SL Green announced that it and its joint venture partners had closed on a $1.25 billion construction loan for One Madison Avenue. The joint venture—made up of SL Green, Hines and the National Pension Service of Korea—plans to develop a 1.4 million-square-foot adaptive reuse of the original 19th century 13-story structure at Madison Avenue and East 23rd Street.

According to SL Green, One Madison Avenue will anchor the Midtown South office market as its premier tower and at the time of the announcement, further added that it had gifted $250,000 to the Madison Square Park Conservancy to help complete the park’s dog run and ensure ongoing upkeep and maintenance.

“Our commitment and belief in New York City is unwavering,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green. “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. 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.”

For the design and development of the 27-floor, state-of-the-art office tower, SL Green reassembled the team recently responsible for the One Vanderbilt Avenue project, which in addition to members of the JV, includes Kohn Pedersen Fox as the project’s lead architectural designer and AECOM Tishman, who will be in charge of constructing the commercial space.

Slated to occupy an entire city block, the vertical glass tower addition will comprise 530,000 square feet positioned above a redeveloped nine-story podium. Inside, the reinforced concrete structure plans to house a series of 32 35,000-square-foot floor plates with minimal support columns to improve internal flexibility.

Also included in the plans, the commercial development boasts a 15,000-square-foot artisanal food market, a 9,000-square-foot tenant lounge, a three-level fitness center, bike storage, and a 13,000-square-foot high-tech event space designed to accommodate up to 800 people. The 10th and 11th floors are also designed as specialty spaces, slated to feature 22-foot slab heights with outdoor roof decks.

On the design, Doug Hocking, Principal, KPF stated that, “One Madison Avenue will be a dramatic transformation that will infuse a timeless New York City property with a dynamic, inspiring workplace for the 21st century. Our design, in particular the tower addition, will be deferential to the architecture of the neighboring Clock Tower, while the facades of the new building will echo the lush green context of Madison Square Park.”

On the outside, the structure will reportedly see 67% of the building’s original structure retained, including its existing limestone facade, but will also feature a series of spandrels, high performance insulated glazing units and painted aluminum extrusion metal frames.

In addition to the series of design features and redevelopment plans, the project also includes plans to achieve WELL Building and LEED-Gold certifications through minimizing its carbon footprint through emissions reductions, resource conservation, and operational excellence.

As part of the health-conscious efforts, the project also plans to incorporate HVAC and circulation systems to improve interior air quality and cleanliness. An outdoor system for heating and cooling is also included in the works and is expected to circulate outdoor air throughout the building.

One Madison Avenue is expected to reach completion by 2023. During the next three years of construction, the project is expected to create more than 3,000 new construction jobs, with the vast majority consisting of union labor participation.

   

Tagged categories: Color + Design; Color + Design; Commercial / Architectural; Commercial Buildings; Commercial Construction; Design; Design build; Mixed-Use Facility; NA; North America; Office Buildings; Ongoing projects; Project Management; Projects - Commercial

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