Franklin Templeton has consolidated its operations on the new One Madison Avenue.
One Madison
When Franklin Templeton inked a virtually 350,000 square-foot lease at SL Inexperienced’s One Madison Avenue final week, it wasn’t to cut back the quantity of area it has at seven different Manhattan places.
Not like many company “consolidations” which can be primarily a strategy to save on lease, Franklin Templeton’s transfer will cut back its total area solely barely, brokerage sources stated.
The higher benefit is to dedicate particular flooring on the agency’s new deal with for its varied working items.
“They’re not solely placing everybody below one roof, it’s a complete new office technique,” one insider stated.
Franklin Templeton CEO Jenny Johnson stated the situation “gives the best mixture of devoted area for our specialist funding managers and collaborative area for our broader agency.”
They’re additionally getting state-of-the-art building on flooring 11-22, a number of the glass-wrapped flooring that SL Inexperienced is including to the construction’s authentic 9 flooring as a part of a $2.3 billion restoration and enlargement.
The deal brings One Madison Avenue to 55% leased, following earlier offers with IBM and Chelsea Piers Health. The tower is on monitor to open in November 2023.
Post a Comment