When Franklin Templeton inked a nearly 350,000 square-foot lease at SL Green’s One Madison Avenue last week, it wasn’t to reduce the amount of space it has at seven other Manhattan locations.
Unlike many corporate “consolidations” that are mainly a way to save on rent, Franklin Templeton’s move will reduce its overall space only slightly, brokerage sources said.
The greater advantage is to dedicate specific floors at the firm’s new address for its various operating units.
“They’re not only putting everyone under one roof, it’s a whole new workplace strategy,” one insider said.
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Franklin Templeton CEO Jenny Johnson said the location “provides the ideal combination of dedicated space for our specialist investment managers and collaborative space for our broader firm.”
They’re also getting state-of-the-art construction on floors 11-22, some of the glass-wrapped floors that SL Green is adding to the structure’s original nine floors as part of a $2.3 billion restoration and expansion.
The deal brings One Madison Avenue to 55% leased, following earlier deals with IBM and Chelsea Piers Fitness. The tower is on track to open in November 2023.
