Pension fund seeks to sell 590 Madison
Deal could net $1.3B
An Ohio-based pension fund is looking to sell 590 Madison Avenue, an office tower that could pull in as much as $1.3 billion.
The 43-story building, known as the IBM Building, is owned by the State Teachers Retirement System of Ohio, which purchased the remaining stake in the property three years ago, Bloomberg reported. Tech giant International Business Machines Corp. remains the building’s largest tenant, occupying about 120,000 square feet of the tower’s total 1.1 million square feet.
A majority of the the tower is leased up. Private equity firm Crestview Advisors just signed on for the entire 42nd floor, which spans 25,499 square feet, the New York Post reported.
For its part, IBM announced last year that it was on the hunt for as much as 350,000 square feet of additional space in the city. In March, the company agreed to lease 27,699 square feet lease at 19 Union Square West. IBM also inked a deal with WeWork to take all of the co-working company’s 70,000 square feet at 88 University Place. [Bloomberg, NYP] — Kathryn Brenzel