Scott Rechler Of RXR Acquires 590 Madison Avenue From STRS Ohio State Teachers Pension Fund For $1.1B

The property asset involved in this transaction is a mixed-use building located at 590 Madison Avenue in the Plaza District of Manhattan. The sale price is approximately $1,100,000,000, making it notable as New York's first $1 billion office sale since 2022. The transaction includes a deposit of $50 million made by the buyer.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $1,100,000,000 (Approx)
• Buyer: Scott Rechler - RXR
• Seller: STRS Ohio State teachers’ Pension Fund
• Brokers: Will Silverman & Gary Phillips - Eastdil Secured
• Market: Plaza District, Manhattan
• Deposit: $50,000,000

Key individuals in this transaction include Scott Rechler, representing RXR as the buyer, and the seller is represented by the STRS Ohio State teachers’ Pension Fund. Brokers Will Silverman and Gary Phillips, associated with Eastdil Secured, facilitated the deal, which attracted interest from other significant bidders such as Tishman Speyer and Blackstone. The closing of the deal is expected by mid-July.