# 590 Madison Ave. Listed for Sale with $1.1 Billion Asking Price
The State Teachers Retirement System of Ohio has officially placed 590 Madison Ave., a prominent Midtown Manhattan office tower, on the market with an asking price of approximately $1.1 billion. The one-million-square-foot property, located in the prestigious Plaza District, has long been recognized as the IBM Building.
Eastdil Secured brokers Roy March, Gary Phillips, and Will Silverman are managing the sale of 590 Madison, according to reports. Situated on Madison Avenue between East 56th and 57th streets, the tower represents one of the largest and most high-profile commercial assets to be actively marketed in New York since the pandemic.
Despite previous concerns about Manhattan’s office market, demand appears to be on the rise. Investment giant Blackstone is reportedly in discussions to acquire a stake in 1345 Avenue of the Americas, while Citadel founder Ken Griffin is moving forward with plans for a new office tower on Park Avenue.
“The average hold period of real estate at the key intersections of 57th Street, Madison Avenue, and Fifth Avenue exceeds 40 years, highlighting the rarity of this opportunity,” Silverman said.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
