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SL Green inks 347,000 square foot lease with Franklin Templeton at One Madison Avenue

by David Solomon
September 29, 2022
in Business & Legal
RWES RWES RWES

NEW YORK, Sept. 29, 2022 — SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that investment management firm Franklin Templeton has signed a 15-year, 347,474 square foot lease at One Madison Avenue. The company will occupy the entire 11th through 22nd floors in the tower portion of the building. This lease follows the recently announced 328,000 square foot lease with International Business Machines Corporation (“IBM”) and the 56,000 square foot lease with Chelsea Piers Fitness.

The neighborhood defining development, which is on schedule for completion in November 2023, is now 55% leased.

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“We’re excited to welcome Franklin Templeton to One Madison Avenue,” said Marc Holliday, Chairman and CEO of SL Green. “This lease and the earlier IBM transaction are the second and third largest new leases signed in Manhattan in 2022 and are validation as to the exceptional quality of the building design. One Madison will transform the Midtown South market much in the same way that One Vanderbilt Avenue has transformed the Midtown East market.”

“Nearly every part of our global organization has a presence in New York City, and this lease agreement will bring our employees together into one state-of-the-art location that provides the ideal combination of dedicated space for our specialist investment managers, collaborative space for our broader firm, and an outstanding environment for hosting our clients,” said Jenny Johnson, President and CEO of Franklin Templeton. “We couldn’t be more excited to partner with SL Green on this landmark agreement for our firm.”

One Madison Avenue will combine the elegance of the existing limestone building together with more than 500,000 square feet of new, virtually column free construction. Health and wellness is paramount to the building design with the inclusion of DOAS HVAC, which circulates 100% fresh outside air. New, oversized floor to ceiling windows in the podium and a continuous curtain wall in the tower will flood the floors with natural daylight. Mega-sized roof terraces will provide a one-of-a-kind opportunity to create indoor/outdoor, work/entertainment space. In addition to Chelsea Piers, amenities are currently anticipated to include a 13,000-square-foot upscale restaurant, 10,000-square-foot artisanal dining market and 7,000-square-foot tenant-exclusive lounge with direct elevator access to a 10,000-square-foot rooftop deck.

Franklin Templeton was represented by Rob Lowe, Jeff Cushman and John Cushman of Cushman & Wakefield. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented the landlord.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2022, SL Green held interests in 64 buildings totaling 34.4 million square feet. This included ownership interests in 26.3 million square feet of Manhattan buildings and 7.2 million square feet securing debt and preferred equity investments.

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include the risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.


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