RXR’s 2025 acquisition of 590 Madison Avenue, in partnership with Elliott Investment Management, was recognized with a 2026 CoStar Impact Award. The 1-million-square-foot Class A tower was Manhattan’s first office sale to surpass $1 billion since 2022, establishing a critical pricing benchmark for top-tier office properties during a period of market skepticism.
The purchase highlighted the enduring value of Manhattan’s Plaza District, the largest U.S. office cluster, and underscored strong investor demand for well-located, high-quality assets amid the ongoing “flight-to-quality” trend. Central to the transaction was “Project Gemini,” a sophisticated partnership uniting RXR, Elliott Investment, Baupost Group, King Street, Criterion, and Liberty Mutual, providing the scale and financial strength needed to succeed in a highly competitive bidding process with 30–40 initial contenders. RXR notes the deal as “one of the most strategic and consequential office transactions in recent history.”
