**RXR Acquires 590 Madison Avenue for $1.1 Billion**
RXR has acquired the iconic 590 Madison Avenue in Manhattan’s prestigious Plaza District for nearly $1.1 billion, marking the most significant sale price for a Manhattan office property since 2022, according to multiple reports including Bloomberg News.
The 42-story tower, historically known as the IBM Building, was listed by Eastdil Secured on behalf of the State Teachers Retirement System of Ohio. The transaction was managed by Eastdil’s Will Silverman and Gary Phillips.
The property drew interest from several major real estate players, including Tishman Speyer, SL Green Realty Corp., Blackstone, RFR, as well as a European high-net-worth investor. While some prospective buyers explored alternative structures such as installment-based agreements, RXR stood out by submitting a full-price offer.
Commenting on the rarity of such a prime real estate opportunity, Silverman remarked earlier this year, “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.”
The transaction reflects growing confidence in high-end office assets in Midtown Manhattan, particularly those with iconic status and robust location dynamics.
