SL Green’s One Madison is Fully Occupied

An artificial intelligence firm is doubling its space at One Madison Avenue, marking a milestone for landlord SL Green.

Harvey AI, which assists legal and professional services, is adding another 90,000-plus square feet to its footprint at the Midtown South tower, the New York Post reported. The company initially leased 93,000 square feet in the fall, bringing its total footprint at the property to 185,000 square feet.

The lease marks 100 percent occupancy at the 1.4 million-square-foot Class A office tower, which opened less than three years ago. At the time of Harvey’s initial lease, occupancy had just surged past 91 percent.

Asking rents at One Madison range from $120 to $180 per square foot, though it’s unclear what the asking rent was for the latest deal. JLL’s Joseph Messina represented the tenant, while a JLL team including Paul Glickman, Alex Chudnoff and Ben Bass represented the landlord.

One Madison has been winning with tech tenants. Sigma Computing in July signed a lease for 64,000 square feet. The cloud-based data analytics and software platform will occupy a portion of the property’s third floor.

IBM and Coinbase also occupy space in the 27-story building, which spans a full block between Park and Madison Avenues, as well as East 23rd and East 24th Streets. Other tenants include Franklin Templeton, which signed a 15-year lease for 347,000 square feet in 2022.

SL Green acquired the property in 2005 for $918 million before launching a $2.3 billion redevelopment. Work wrapped in 2023. Amenities include an event space and rooftop garden, a tenant lounge and a Chelsea Piers fitness club. Celebrity chef Daniel Boulud also operates multiple spaces within the property, including steakhouse La Tête d’Or by Daniel.

Marc Holliday’s firm is on pace for its largest leasing quarter in company history, seeing more than 900,000 square feet taken across its portfolio, more than a third of which is through tenant expansions.

— Holden Walter-Warner