Artificial intelligence is taking root at SL Green’s redeveloped One Madison Avenue in Midtown South.
Fortune 500 platform Harvey AI Corporation signed a 10-year lease for 93,000 square feet at Marc Holliday’s building, the Commercial Observer reported. The asking rent for the entire sixth floor of the building was $115 per square foot.
JLL’s Joseph Messina and Todd Stracci represented the tenant, while a JLL team including Paul Glickman, Alexander Chudnoff and Ben Bass represented the landlord.
The fate of Harvey’s current space at Columbia Property Trust’s 315 Park Avenue South is not yet known. Harvey expanded its presence at that property to 34,000 square feet just one year ago.
There’s a definitive tech feel emerging at One Madison. A few months ago, Sigma Computing signed a lease for 64,000 square feet. The cloud-based data analytics and software platform will occupy a portion of the third floor at the 1.4-million-square-foot Class A office tower, which hit 78 percent occupancy upon that lease.
On top of other recent leases, the building’s occupancy exceeds 91 percent, according to SL Green.
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 beginning a $2.3 billion redevelopment. Work wrapped in 2023. Amenities include an event space and rooftop garden, tenant lounge and Chelsea Piers fitness club; celebrity chef Daniel Boulud also operates multiple spaces within the property.
Across its portfolio, SL Green reported office occupancy of 92.4 percent in the third quarter. Holliday said on an earnings call that the company is on track to hit its goal of 93.2 percent by the end of the year.
The office landlord also recently went into contract to buy the Park Avenue Tower in the Plaza District for $730 million.
— Holden Walter-Warner
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