A $2.3-billion makeover for One Madison Avenue in Manhattan is transforming the stately 70-year-old structure into a sleek 27-floor, 1.4-million-sq-ft office tower companion to its adjacent Manhattan landmark—the 5 Madison clock tower. While work only began on the adaptive reuse effort in early 2020, the project team is set to finish ahead of schedule, with substantial completion later this year and an expected opening in early 2024.
Led by developer SL Green Realty Corp., with joint venture partners Hines and the National Pension Service of Korea, One Madison is reshaping the original 15-story Art Deco-era building with a new high-end design. This includes double-height feature floors at the level where the old limestone-facade base transitions into a new glass curtain wall tower above.