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590 Madison Avenue

Apollo Global Management Secures 100000 Square Feet Lease At 590 Madison Avenue In Midtown Manhattan
LEASEDOffice

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:

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

Stephen Siegel

CBRE

Broker

$85M

vol

9 deals

Broker
State Teachers Retirement System of Ohio
State Teachers Retirement System of OhioLandlord
Marc Rowan

Marc Rowan

Apollo Global

Tenant

$1.6B

vol

20 deals

Tenant

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