SL Green Realty’s redevelopment project at One Madison Avenue will include 18 new floors and bring the building’s total rentable square footage to about 1.5 million square feet, according to new details released about the project on Monday.
The firm has tapped architecture firm Kohn Pedersen Fox to lead the redesign of the building, which will include modern office spaces, tenant floors and more than an acre of outdoor terraces.
SL Green is using 218,000 square feet of development rights to redevelop the building as-of-right. Demolition and construction should begin in 2020 or 2021 after the building’s existing tenant leases expire. The project will feature rentable floorplates of between 32,000 and 35,000 square feet.
The Real Deal previously reported over the summer that SL Green planned to use air rights to redevelop the tower as an office building after Credit Suisse’s lease expires in December 2020. At 1.1 million square feet, it is the largest tenant in the building.
SL Green also recently sold a 49 percent stake in its project at 2 Herald Square to an Israeli institutional investor. The company previously landed a $150 million loan for the building from MUFG Union Bank.