IBM Leases One Madison Avenue Office Space in Largest New NYC Lease of 2022 to Date

Paul, Weiss represented IBM in its leasing of approximately 300,000 square feet at One Madison Avenue, located on East 23rd Street across from Madison Square Park. The agreement is reported to be the largest new lease in New York City of this year so far.

IBM will be the anchor tenant of the project, which is currently under construction with a scheduled completion date in late 2023. IBM will occupy portions of the second and seventh floors, and the entire eighth, ninth and 10th floors. It will also have significant signage rights and its own private lobby, terrace and elevators.

The transaction, which the March 15 issue of The New York Post called a “monumental Manhattan upheaval,” will enable IBM to relocate thousands of employees from various offices around Manhattan to a single centralized location.

The Paul, Weiss team included real estate partner Peter Fisch and counsel Barry Langman.