Artificial intelligence company Harvey AI Corporation has signed a 10-year lease for 93,000 square feet at One Madison Avenue, a redeveloped office tower in Midtown South owned by SL Green. The Commercial Observer reported that the asking rent for the entire sixth floor was $115 per square foot.
The lease was brokered by JLL, with Joseph Messina and Todd Stracci representing Harvey AI, and Paul Glickman, Alexander Chudnoff, and Ben Bass representing SL Green.
Harvey AI’s current status at its previous location at Columbia Property Trust’s 315 Park Avenue South remains uncertain. The company had expanded to 34,000 square feet there just one year ago.
One Madison Avenue is becoming a hub for technology tenants. Earlier this year, Sigma Computing leased 64,000 square feet on part of the third floor. With this and other recent leases, SL Green reports that occupancy at the 1.4-million-square-foot Class A building now exceeds 91 percent.
IBM and Coinbase are also among the tenants in the 27-story property, which covers an entire block between Park and Madison Avenues from East 23rd to East 24th Streets. Franklin Templeton holds a long-term lease for 347,000 square feet signed in 2022.
SL Green acquired One Madison Avenue in 2005 for $918 million and invested $2.3 billion in redevelopment before completing work in 2023. Amenities include event space, a rooftop garden, tenant lounge, Chelsea Piers fitness club, and several venues operated by chef Daniel Boulud.
Across its portfolio, SL Green reported office occupancy of 92.4 percent during the third quarter. CEO Marc Holliday said during an earnings call that the company aims to reach an occupancy rate of 93.2 percent by year-end.
SL Green also recently entered into contract to purchase Park Avenue Tower in the Plaza District for $730 million.
