One Madison Avenue Wins 2026 ULI Award for Excellence in Office Development

Rhea-AI Summary

SL Green Realty (NYSE: SLG) said One Madison Avenue won the 2026 ULI Award for Excellence in Office Development for design, sustainability and adaptive reuse. The redevelopment completed December 2024, is 100% leased, retains 67% of the original structure, targets >60% energy reduction, and closed a $1.65 billion refinancing.

Positive

• One Madison completed redevelopment in Dec 2024 and is 100% leased
• Redevelopment retained 67% of original structure, reducing embodied carbon
• Project targets >60% energy reduction versus baseline and meets Local Law 97
• Successful $1.65 billion refinancing signaling institutional demand
• High-quality tenant roster including IBM, Palo Alto Networks, Franklin Templeton

Negative

• No earnings or revenue metrics disclosed to quantify financial return
• Concentration in Manhattan office market leaves exposure to local demand cycles

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Recognized for its integration of design, sustainability and adaptive reuse, One Madison joins One Vanderbilt in winning prestigious honor

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it was awarded the 2026 Urban Land Institute Award for Excellence in Development for One Madison Avenue under the “Office Development” category. Through its Awards for Excellence program, ULI New York honors outstanding development projects that exemplify leadership in shaping the built environment, delivering transformative impact in communities while showing that ambitious projects can meet tenant demand and set new marks for achievable rents.

“We are honored to again be recognized by the Urban Land Institute for One Madison Avenue, an innovative project that has raised the bar for adaptive reuse and set the standard for the modern workplace,” said Robert Schiffer, Executive Vice President of Development of SL Green. “SL Green’s unique approach to design and tenant experience has transformed the office landscape in New York, with One Madison and One Vanderbilt both now 100% leased and achieving some of the highest rents in their submarkets. We look forward to continuing this approach with 346 Madison, where we will once again shape the future of office development.”

One Madison Avenue, the reimagined office tower overlooking Madison Square Park designed by world-renowned architecture firm KPF, was recognized for its integration of design, sustainability, and adaptive reuse. Exemplifying the innovation needed to create 21st-century office spaces while preserving historical context, SL Green and KPF transformed the existing nine-story podium into a flexible Class-A office in support of a new 550,000 square foot tower above.

“One Madison Avenue was conceived as a dialogue between past and present, preserving the integrity of the existing structure while introducing a contemporary vision for the modern workplace,” said James von Klemperer, President of KPF. “We are proud to see the project recognized by ULI for its design excellence and contribution to the evolution of New York’s built environment. Our partnership with SL Green now boasts two fully-leased, award-winning towers.”

One Madison Avenue’s prominence reflects its position as the preeminent example of a future-forward workplace with elevated wellness-driven amenities. It includes state-of-the-art HVAC that circulates 100% fresh air, massive floor-to-ceiling windows offering abundant natural daylight, as well as Rockwell Group-designed amenities such as Le Jardin Sur Madison, a spectacular one-of-a-kind event space, rooftop garden designed by SMI Landscape Architecture, La Tête d’Or by Daniel, Chef Daniel Boulud’s latest upscale culinary offering, and The Commons, designed by Vocon, a 7,000 square foot tenant-only lounge. Its curated retail program features a 56,000 square foot Chelsea Piers Fitness together with a collection of high-quality, fast casual eateries.

The redevelopment retains 67% of the building’s original structure, significantly reducing embodied carbon while introducing a modern glass tower with optimized floorplates, increased ceiling heights, and more than an acre of landscaped terraces. The project is designed to achieve over a 60% reduction in energy use compared to baseline standards and complies with New York City’s 2030 building emissions targets under Local Law 97.

One Madison Avenue officially completed its redevelopment in December 2024 and is now 100% leased with a tenant roster that includes global technology, AI and financial services firms such as IBM, Franklin Templeton Companies, Palo Alto Networks, FanDuel Group, Sigma Computing and Harvey AI. The project’s success has also been reinforced by a recent $1.65 billion refinancing, underscoring strong institutional confidence and demand for the asset.

Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

PRESS CONTACT
slgreen@berlinrosen.com

SLG - GEN

FAQ

What did SLG announce about One Madison Avenue winning the 2026 ULI Award?

One Madison Avenue won the 2026 ULI Award for Excellence in Office Development. According to SL Green, the award recognizes the project’s integration of design, sustainability, and adaptive reuse following its December 2024 redevelopment and full leasing.

Is One Madison Avenue fully leased and which tenants occupy SLG's One Madison (SLG)?

Yes, One Madison Avenue is reported as 100% leased. According to SL Green, tenants include global technology, AI and financial firms such as IBM, Palo Alto Networks, Franklin Templeton, FanDuel Group, Sigma Computing and Harvey AI.

How did the One Madison redevelopment address sustainability and emissions targets for SLG (SLG)?

The project is designed to achieve >60% energy reduction compared to baseline and complies with Local Law 97. According to SL Green, retention of 67% of the original structure cut embodied carbon and supports emissions targets.

When did One Madison Avenue complete redevelopment and what financing did SLG secure (SLG)?

Redevelopment completed in December 2024 and the asset was refinanced for $1.65 billion. According to SL Green, the refinancing underscores institutional confidence and demand for the property.

What amenities and design features does One Madison Avenue offer investors and tenants (SLG)?

One Madison offers wellness-driven amenities including 100% fresh-air HVAC, floor-to-ceiling windows, rooftop garden, and a 7,000 sq ft tenant lounge. According to SL Green, curated retail and dining complement modern Class-A office floorplates.