RXR Realty Acquires Office Asset At 590 Madison Avenue From State Teachers Retirement System For $1.08B

The transaction involved the sale of an office asset located at 590 Madison Avenue in the Plaza District of Manhattan. The sale price for the property was $1,080,000,000, encompassing a total square footage of 1,030,000, resulting in a price per square foot of $1,048.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,080,000,000
• Address: 590 Madison Avenue
• Market: Plaza District, Manhattan
• Square Footage: 1,030,000
• Price per Square Foot: $1,048
• Buyer: RXR Realty - Scott Rechler
• Seller: State Teachers Retirement System of Ohio
• Broker: Gary Phillips, Will Silverman, Jeff Organisciak, Alana Bassen & Carly Shoulberg - Eastdil Secured

The deal was facilitated by a team of brokers from Eastdil Secured, including Gary Phillips, Will Silverman, Jeff Organisciak, Alana Bassen, and Carly Shoulberg, who represented the seller, State Teachers Retirement System of Ohio. The buyer, RXR Realty, was represented by Scott Rechler in this high-value transaction.