RXR and Elliott Investment Management have finalized the $1.08 billion acquisition of 590 Madison Avenue, a prominent office and retail tower located in Midtown Manhattan. The joint venture secured $785 million in acquisition financing through Apollo Global Management.
Initially reported as a pending deal in May, the transaction is considered the largest amount paid for a Manhattan office property since 2022. The 590 Madison Avenue property—long recognized as the IBM Building—was listed for sale by Eastdil Secured on behalf of the State Teachers Retirement System of Ohio. The sale was brokered by Eastdil’s Will Silverman and Gary Phillips.
Legal counsel for Elliott Investment Management was provided by Fried Frank. The firm advised on the joint venture agreement with RXR as well as the structuring and securing of acquisition financing. The Fried Frank team was led by partners Michael Werner and Andrew Ebersbach, with associate Joshua Jun also contributing to the transaction.
