SL Green Realty has signed a long-term lease with Palo Alto Networks, covering an entire tower floor at One Madison Ave. The deal brings SL Green's 2023 signed office leasing volume to 491,913 square feet, while the REIT's office leasing pipeline has increased to over 1.0 million square feet, up from a 700,000 square feet pipeline just three weeks ago.
The 1.4 million square foot redevelopment at One Madison Avenue is scheduled for completion in October 2023 and is now 59% leased.
One Madison Avenue will combine the existing limestone building together with more than 500,000 square feet of new, virtually column-free construction. Highlights include a s 10,000-square-foot roof deck with landscaping, a 7,000-square-foot tenant-only amenity space, a French steakhouse and artisanal European style market operated by Michelin-starred Chef Daniel Boulud, and a 54,000 square foot Chelsea Piers Fitness club.
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Palo Alto was represented by Brent Ozarowski, Kevin Sweeney and Kevin Sullivan of Newmark, and the landlord was represented by Paul Glickman, Alexander Chudnoff, Benjamin Bass and Diana Biasotti of JLL.
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