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RXR Puts Up $1.1B for 590 Madison Ave.
RXR has paid nearly $1.1 billion to acquire 590 Madison Ave. in Manhattan’s Plaza District, according to Bloomberg News and other published reports. The sale is believed to represent the highest sum paid for a Manhattan office property since 2022.
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.
The 42-story property reportedly attracted interest from major players such as Tishman Speyer, SL Green Realty Corp., Blackstone and RFR along with a European high-net-worth investor. Although some potential buyers considered alternative deal structures, including installment payments, RXR reportedly made a full-price offer.
In February, Silverman told Bloomberg, “The average hold period of real estate on the eight corners on 57th Street and Madison Avenue and 57th and Fifth is over 40 years, indicating the rarity of this opportunity.”
- ◦Sale/Acquisition
