UPDATE: Tempus AI has just signed a significant lease for 39,565 square feet on the 17th floor of SL Green’s iconic 11 Madison Ave, marking a notable shift in the Midtown South leasing landscape. This urgent development comes as the company relocates from the Helmsley Building at 230 Park Ave, further emphasizing the rising leasing activity in this bustling area.
The news follows last week’s announcement by renowned chef Daniel Humm of Eleven Madison Park, who revealed a shift in the restaurant’s policy to include meat and fish options. While Tempus AI’s move may not steal the culinary spotlight, it highlights the ongoing evolution of tenant interests in one of New York City’s prime office locations.
According to SL Green’s leasing director, Steven Durels, this lease underscores the “increased leasing velocity” in Midtown South, a region that continues to attract major players across various industries. Currently, 11 Madison Ave boasts a remarkable 93% occupancy rate, housing prominent tenants like Pinterest, UBS, and SONY Music.
While specific financial details regarding Tempus AI’s lease remain undisclosed, it’s worth noting that Pinterest recently secured an 83,000 square-foot lease on the 13th floor at an asking rent of $90 per square foot. This context adds to the anticipation surrounding Tempus AI’s new space.
As the demand for office space in Midtown South continues to surge, the implications of Tempus AI’s relocation may resonate beyond just real estate. The move signals a confidence in the area’s recovery and growth, attracting tech and innovation sectors to this vibrant part of New York City.
Stay tuned for more updates on the evolving landscape of leasing in Midtown South as businesses adapt to the new normal. This development is just one of many that reflect the resilience and dynamism of the commercial real estate market in New York City.
