IBM Expands Lease By 92,663 SF At 1 Madison Avenue With Landlord SL Green Realty

The property asset involved in the transaction is an office space located at 1 Madison Avenue in the Midtown South market. The asset has an asking rent of $110 per square foot and encompasses a total area of 92,663 square feet.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $110/ft
• Lease Term: 15 years
• Landlord: Marc Holliday - SL Green Realty
• Tenant: Arvind Krishna - IBM
• Brokers: Alexander Chudnoff, Benjamin Bass, Diana Biasotti, Paul Glickman, Patrick Murphy & Winston Schromm - JLL

This lease expansion was executed by IBM, which signed a 15-year lease for the additional 92,663 square feet, complementing its existing 270,000-square-foot lease at the redeveloped Midtown South high-rise. The brokers involved in facilitating this transaction represent various aspects of the process, ensuring a comprehensive approach to the deal.