SL Green Realty Corp. has recently signed a new lease with IBM, expanding their total space at One Madison Ave. to 362,092 square feet. This 15-year lease covers the entire seventh floor and brings the building’s occupancy rate to 72%.
According to Steven Durels, EVP and director of leasing and real property at SL Green, this expansion is a testament to the strong partnership between SL Green and IBM as well as IBM’s growth in New York City.
JLL represented IBM in this deal with Patrick Murphy and Winston Schromm leading negotiations. On behalf of SL Green, JLL’s Paul Glickman, Alex Chudnoff, Ben Bass,and Diana Biasotti were also involved.
This latest expansion by IBM comes after an impressive year for SL Green in terms of leasing activity across their portfolio totaling over 3 million square feet in leases for 2024 alone. The company also has more than875 ,000 square feet currently being considered for future leases.
