One Madison Ave Secures 328K-sf Anchor Tenant

Global technology firm IBM has signed a lease for 328,000 square feet at One Madison Avenue to serve as anchor tenant. The 16-year deal includes an exclusive lobby entrance, creating a building-within-a-building experience. The new space that spreads across portions of the ground, and 2nd through the 7th floors plus the entire 8th through 10th floor will enable IBM to consolidate multiple New York City offices. Asking rents for floors 2 through 9 were $115 per square foot and $160 per square foot for the 10th floor. The building is expected to complete a major redevelopment into a 1.4 million-square-foot office tower in November 2023.