SL Green Realty has unveiled plans to redevelop One Madison Avenue office tower next to Madison Square Park in the US.

The redevelopment project involves a nine-storey redeveloped podium. Architecture firm Kohn Pedersen Fox has been tasked with designing modern office space, tenant speciality floors and more than one acre of outdoor terraces on top of the podium.

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The redesigning work will include significant softscape features.

SL Green and Kohn Pedersen Fox are also currently building the One Vanderbilt skyscraper in midtown Manhattan, New York City. The design and development team working on One Vanderbilt also includes Hines and Gensler.

“After the redevelopment, it will become one of the most sought-after addresses in all of New York City.”

As part of the One Madison redevelopment plans, the company intends to reduce the building to its existing ninth floor and create 18 additional new column-free floors above.

SL Green CEO Marc Holliday said: “One Madison Avenue has an unbeatable location overlooking Madison Square Park, and after the redevelopment, it will become one of the most sought-after addresses in all of New York City.

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“To take on such a sophisticated project, we’ve gathered the team responsible for constructing the ahead-of-schedule, 1,401ft-tall One Vanderbilt. I’m confident their expertise will help us successfully revitalise One Madison into an exclusive address for today’s leading companies.”

The company noted that the building will be redeveloped using 218,000ft² of available development rights, adding that the move will increase the total rentable square footage of the building to around 1.5 million square feet.

The redevelopment work will include interior and exterior refurbishments to the existing podium, as well as lobby renovations, to create retail space and upgrade a multipurpose auditorium.

Once the existing tenancy leases expire, SL Green expects to begin demolition and construction work in 2020-2021.

The tower will feature terraces and speciality office floors on the 10th and 11th floors overlooking the Madison Square Park.

The private tenant terraces will also be created at the top of the tower to provide skyline views of the city.