Posted May 19, 2025, 7:51 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,706
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https://therealdeal.com/new-york/2025/05/19/rxr-buying-590-madison-for-close-to-1-1b/
RXR buying 590 Madison for close to $1.1B
First NYC office sale to crack billion-dollar mark since Google parent's 2022 purchase
By Rich Bockmann
May 19, 2025
Quote:
Scott Rechler’s RXR is buying 590 Madison Avenue for close to $1.1 billion — the most expensive office deal in New York in several years.
Rechler’s company on Friday signed a letter of intent to buy the 1 million-square-foot tower from State Teachers Retirement System of Ohio, the state’s teacher pension fund, sources told The Real Deal.
The price is “closer to $1.1 billion than it is to $1 billion,” said a source familiar with the deal.
There was intense competition for the building — one of the few trophy office properties in the Plaza District — and it drew attention from many of the biggest investors.
Tishman Speyer, Blackstone Group, SL Green and RFR had all been in the mix late in the process. Sources told TRD in April that Blackstone was the odds-on favorite to emerge as a buyer, and there was also a high-net-worth European investor who showed strong interest in buying the building.
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