Manhattan office building 590 Madison Avenue, which also hosts retail space, has been put up for sale for about $1.1 billion, according to a report from Bloomberg, citing sources familiar with the situation.
The roughly one million square foot property is owned by public pension fund, State Teachers Retirement System of Ohio, with Eastdil Secured handling the marketing.
According to the news outlet, 590 Madison is one of New York City's largest trophy assets to be put up for sale since the onset of the pandemic. It was formerly known as the IBM Building before the tech giant relocated its office to 1 Madison Avenue. According to CompStak, some tenants in 590 Madison include Louis Vuitton, Consello, and Tiger Infrastructure.
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“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,” Will Silverman of Eastdil, who is marketing the property with fellow brokers Roy March, and Gary Phillips, told Bloomberg.
The mixed-use asset features amenities including conference space, a fitness facility, a parking garage, an outdoor rooftop terrace, a tranquil library, and a clubhouse.
While overall activity remains down, investment dollar volume was up in Manhattan at $3.3 billion, according to a fourth-quarter report from Avison Young. That represented an increase of six percent from the previous three months, as transactions slipped by four percent over the same period. Office stood out the most in helping drive the two categories, with 86 percent and 98 percent gains respectively. Meanwhile, retail dollar volume soared by 57 percent, while transactions dipped 13 percent.
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