Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Midtown New York  + Office  | 

590 Madison Ave. Listed for Sale with Ask of $1.1B

The State Teachers Retirement System of Ohio has put 590 Madison Ave., a Midtown Manhattan office tower, on the for-sale market. Bloomberg News reported that the pension fund is seeking roughly $1.1 billion for the one-million-square-foot property in the Plaza District, long known as the IBM Building.

Eastdil Secured brokers Roy March, Gary Phillips and Will Silverman are marketing 590 Madison, according to Bloomberg. Located on Madison Avenue between East 56th and 57th streets, the tower is among the biggest trophy assets to be actively marketed for sale in New York since the pandemic.

However, demand for Manhattan office space appears to be on the upswing, Bloomberg reported. Blackstone is in discussions to acquire a stake in 1345 Ave. of the Americas, and Citadel founder Ken Griffin is moving ahead with plans to develop an office tower on Park Avenue.

“The average hold period of real estate on the eight corners on 57th Street and Madison Avenues and 57th and Fifth is over 40 years, indicating the rarity of this opportunity,” Silverman told Bloomberg. 

Connect

Inside The Story

Eastdil's Silverman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition