RXR and joint venture partner Elliott Investment Management have closed on their $1.08-billion acqusition of 590 Madison Ave., an office and retail tower in Midtown Manhattan. The JV obtained $785 million in acquisition financing from Apollo Global Management.
First reported as a pending deal in May, the sale is believed to represent the highest sum paid for a Manhattan office property since 2022. Eastdil Secured listed the tower, long known as the IBM Building, on behalf of the State Teachers Retirement System of Ohio. The firm’s Will Silverman and Gary Phillips handled the sale.
Fried Frank advised Elliott Investment Management in connection with its joint venture with RXR to acquire 590 Madison Avenue for $1.08 billion and the related financing from Apollo. The Fried Frank team was led by partners Michael Werner and Andrew Ebersbach and included associate Joshua Jun.
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