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

JV Pays Nearly $1.1B for 590 Madison Ave.

RXR and joint venture partner Elliott Investment Management have closed on their $1.08-billion acqusition of 590 Madison Ave., an office and retail tower in Midtown Manhattan. The JV obtained $785 million in acquisition financing from Apollo Global Management.

First reported as a pending deal in May, the sale is believed to represent the highest sum paid for a Manhattan office property since 2022 and the largest non-user acquisition in Manhattan office since 2018. Eastdil Secured listed the tower, long known as the IBM Building, on behalf of the State Teachers Retirement System of Ohio. The firm’s Will Silverman and Gary Phillips handled the sale.

Fried Frank advised Elliott Investment Management in connection with its joint venture with RXR to acquire 590 Madison Ave. and the related financing from Apollo. The Fried Frank team was led by partners Michael Werner and Andrew Ebersbach and included associate Joshua Jun.

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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
  • ◦Financing