Investment Management Firm Signs 347K-sf Lease at One Madison
Franklin Templeton has signed a 15-year lease for 347,474 square feet at One Madison Avenue, asking rent for the space was reportedly $145 per square foot. The investment management firm’s new offices will spread across the entire 11th through 22nd floors in the tower portion of the building. Franklin Templeton will be joining another big block tenant, International Business Machines Corp. (IBM), which signed a lease for 328,000 square feet back in March. The full block building that stretches between East 23rd and 24th Streets is currently undergoing a redevelopment and expansion that is scheduled for completion in November 2023, the latest signing brings occupancy to 55% according to the press release by landlord SL Green Realty. Franklin Templeton’s signing is the second big block deal reported in the last week of September, news of the 283,000-square-foot lease by hedge fund D.E. Shaw Group at One Manhattan West, 400 West 33rd Street was released just three days prior.