Apollo Global Management Secures 100000 Square Feet Lease At 590 Madison Avenue In Midtown Manhattan
590 Madison Avenue
Building Size
100,000 SF
Asset Type
Office
Closing
Apr 14, 2025
AI
The property at 590 Madison Avenue is an office asset located in the Midtown Manhattan market, encompassing a total of 100,000 square feet across four floors. The deal involved the State Teachers Retirement System of Ohio (STRS Ohio) as the landlord and the tenant, Apollo Global Management, represented by Marc Rowan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 590 Madison Avenue
- Market: Midtown Manhattan
- Landlord: State Teachers Retirement System of Ohio (STRS Ohio)
- Tenant: Marc Rowan - Apollo Global Management
- Landlord's Representatives: Evan Haskell, James Ackerson, Brett Shannon, Liz Lash & Sinclair Li - CBRE; Jeffrey Sussman & Matthew Pynn - Edward J. Minskoff Equities
- Tenant's Representatives: Stephen Siegel, Michael Geoghegan, Michael Wellen & Ryan Luck - CBRE
Apollo Global Management has signed a lease that consolidates part of its NYC office footprint, bringing it closer to its headquarters located at 9 West 57th Street. The transaction was facilitated by representatives from both the landlord and tenant sides, highlighting the collaborative efforts in securing this space within a prominent location in Manhattan.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93