Artificial intelligence company Harvey AI Corporation has signed a 10-year lease for 93,000 square feet at One Madison Avenue, a redeveloped office building 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.
JLL’s Joseph Messina and Todd Stracci represented Harvey AI Corporation in the transaction, while a JLL team including Paul Glickman, Alexander Chudnoff, and Ben Bass represented SL Green.
The future of Harvey AI’s current space at 315 Park Avenue South, managed by Columbia Property Trust, is not yet clear. Last year, Harvey expanded its footprint there to 34,000 square feet.
One Madison Avenue has seen increased interest from technology firms. Sigma Computing signed a lease for 64,000 square feet earlier this year and will occupy part of the third floor. With this addition, the 1.4-million-square-foot Class A office tower reached 78 percent occupancy at that time.
According to SL Green, recent leases have pushed occupancy at One Madison above 91 percent. Other tenants include IBM and Coinbase. Franklin Templeton signed a 15-year lease for 347,000 square feet in 2022.
SL Green acquired One Madison Avenue in 2005 for $918 million and later began a $2.3 billion redevelopment project that was completed in 2023. The building offers amenities such as an event space, rooftop garden, tenant lounge, Chelsea Piers fitness club, and multiple spaces operated by chef Daniel Boulud.
Across its portfolio, SL Green reported an office occupancy rate of 92.4 percent in the third quarter and aims to reach 93.2 percent by year-end. The company also recently entered into contract to purchase Park Avenue Tower in the Plaza District for $730 million.
