590 Madison Ave. Listed for Sale with Ask of $1.1B
The State Teachers Retirement System of Ohio has put 590 Madison Ave., a Midtown Manhattan office tower, on the for-sale market. Bloomberg News reported that the pension fund is seeking roughly $1.1 billion for the one-million-square-foot property in the Plaza District, long known as the IBM Building.
Eastdil Secured brokers Roy March, Gary Phillips and Will Silverman are marketing 590 Madison, according to Bloomberg. Located on Madison Avenue between East 56th and 57th streets, the tower is among the biggest trophy assets to be actively marketed for sale in New York since the pandemic.
However, demand for Manhattan office space appears to be on the upswing, Bloomberg reported. Blackstone is in discussions to acquire a stake in 1345 Ave. of the Americas, and Citadel founder Ken Griffin is moving ahead with plans to develop an office tower on Park Avenue.
“The average hold period of real estate on the eight corners on 57th Street and Madison Avenues and 57th and Fifth is over 40 years, indicating the rarity of this opportunity,” Silverman told Bloomberg.
