The squat office building at One Madison Ave. will be entirely redeveloped starting in 2021, its owner said Thursday.
The updated look of the building, opposite Madison Square Park in Manhattan’s NoMad neighborhood, is expected to be revealed in December.
“It will be a very exciting redevelopment, not only for us but for the city,” Marc Holliday, CEO of owner SL Green Realty Corp., told analysts on a conference call.
One large tenant, CS First Boston, has a lease that expires in December 2020, Holliday said.
This gives SL Green the freedom to restructure the current 11-story, 1.2-million-square-foot building which had been “built as a podium,” with the addition of 250,000 to 300,000 square feet of as-of-right air rights.
“This is the next great building to create value,” said Holliday, noting the area is a submarket with the lowest vacancy rate in the city.
