In Forbes, Shimon Shkury recently noted that top-tier Class A and Trophy office buildings made up 79% of the total office sales over the nine-month period, trading at an average of $819/SF, up 18% year over year and just 6% below the 2018 benchmark.
Shkury cited RXR’s recent acquisition, in partnership with Elliott Investment Management, of over $1 billion for 590 Madison Avenue as a recent bellwether transaction. Scott Rechler, CEO and Chairman of RXR, called 590 Madison “one of the highest quality buildings in Manhattan with one of the best locations at 57th Street and Madison,” highlighting the current office market as a prime opportunity for investing in office space.
