Search
 

Piece of Coveted Midtown East Tower Up for Sale

NEW YORK CITY—An Ohio pension fund has put a big stake in a Plaza district office tower on the market, creating speculation that the asset's sale could command a stratospheric price.

By Rayna Katz | Updated on October 13, 2014

NEW YORK CITY—A big chunk of a Midtown East, Plaza district office tower has come on the market. The State Teachers Retirement System of Ohio has put a stake of as much as 49% in 590 Madison Ave. up for sale, according to Crain’s New York Business. The non-controlling interest in the approximately one-million-square-foot tower could fetch $1.5 billion or more.

Such a price for the building—which was developed in the early 1980s as the global headquarters for IBM—could firmly establish that commercial office values have exceeded their previous peaks set during the last real estate boom in 2007, Crain’s notes. Ohio STRS has hired Darcy Stacom and Bill Shanahan, brokers at CBRE, to market the property and handle the sale of the stake. CBRE did not respond to GlobeSt.com’s request for comment by press time.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.