Sports Betting Giant Flutter to Open Office at One Madison
By Abigail Nehring April 9, 2024 6:16 pm
reprints
Irish fantasy sports and gambling conglomerate Flutter Entertainment will open new digs for one of its subsidiaries in the Flatiron District.
Flutter signed a 12-year lease for 35,898 square feet across the entire 23rd floor of the recently built One Madison Avenue office building, landlord SL Green Realty announced.
Asking rent was $170 per square foot, according to a spokesperson for the developer.
Flutter is the parent company of U.S. sports betting company FanDuel, and its overseas brands include Paddy Power, Betfair and Sportsbet. Flutter made its debut on the New York Stock Exchange in January.
The SL Green spokesperson did not disclose which one of Flutter’s mobile sports brands will move into the 1.4 million-square-foot building between East 23rd and East 24th streets, saying only that the address is “a new location.” FanDuel, which has the largest market share of the sports-betting business in the country, has offices at 300 Park Avenue South.
A spokesperson for Flutter did not immediately respond to a request for comment.
JLL (JLL) brokered both sides of the deal, with Justin Haber and Seth Godnick handling it for Flutter and Paul Glickman, Benjamin Bass, Diana Biasotti and Alexander Chudnoff representing SL Green.
Haber, Godnick, Glickman, Bass, Biasotti and Chudnoff declined to comment.
The enormous One Madison Avenue — also known as the MetLife Tower, and not to be confused with the MetLife Building — is now about 63 percent leased thanks to a few recent deals, according to SL Green.
SL Green gut-renovated the property starting in 2020 and added a new 500,000-square-foot glass tower on top. The developer said it completed the tower in September.
IBM signed on to become an anchor tenant in 2022, taking 328,000 square feet, only to be outdone by Franklin Templeton Investments’ 347,474-square-foot deal later that year. Cybersecurity firm Palo Alto Networks and alternative investment platform 777 Partners also recently signed deals in the property.
Abigail Nehring can be reached at anehring@commercialobserver.com.
