In a monumental Manhattan upheaval, IBM is relocating its thousands of Big Apple employees from ten different addresses into one – namely, to One Madison Avenue. The 328,000 square-foot lease was signed just hours ago on Monday and appears to be the largest new lease in the city so far this year.
The 1.4 million-square-foot One Madison is a redevelopment of SL Green, which is adding a new, glass-wrapped tower on top of the 19th Century limestone-façade original at the corner of East 23rd Street across from Madison Square Park. Construction is to wrap by November, 2023.
The Post called the project a risky, “$2.3 billion speculative plunge” by the developer in December 2020, when the city’s commercial world was shut down and no one knew what the future might hold.
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