UPDATE: Tempus AI has just signed a lease for 39,565 square feet at SL Green’s iconic 11 Madison Ave, marking a significant move from its current location at the Helmsley Building on 230 Park Ave. This announcement comes amidst a surge in leasing activity in Midtown South, as confirmed by SL Green’s leasing director, Steven Durels.
The move to 11 Madison Ave, which boasts a 2.37 million square-foot footprint and is currently 93% leased, underscores the growing demand for premium office spaces in the area. Notably, major tenants already include industry giants like Pinterest, UBS, and SONY Music.
While the specific rental terms for Tempus AI remain undisclosed, context reveals that the asking rent for Pinterest’s recent lease of 83,000 square feet on the 13th floor was around $90 per square foot. Such figures highlight the competitive landscape for commercial real estate in this bustling district.
This strategic shift for Tempus AI not only reflects its growth ambitions but also the vibrant ecosystem at 11 Madison Ave, which has recently gained attention for its culinary offerings, including the renowned Eleven Madison Park and its new menu under chef Daniel Humm.
As Tempus AI prepares for its move, industry watchers will be keen to see how this development impacts the overall leasing market in Midtown South. The urgency of this transition speaks volumes about the evolving dynamics of office spaces in New York City. Stay tuned for further updates on this developing story.