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 areas.
In contrast to many company “consolidations” which might be primarily a approach to save on lease, Franklin Templeton’s transfer will scale back its general area solely barely, brokerage sources stated.
The higher benefit is to dedicate particular flooring on the agency’s new deal with for its numerous working models.
“They’re not solely placing everybody underneath one roof, it’s a complete new office technique,” one insider stated.
Franklin Templeton CEO Jenny Johnson stated the placement “supplies the perfect mixture of devoted area for our specialist funding managers and collaborative area for our broader agency.”
They’re additionally getting state-of-the-art development 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 deals with IBM and Chelsea Piers Health. The tower is on monitor to open in November 2023.
