RXR announced the successful closing of its $1.08 billion acquisition of 590 Madison Avenue, a trophy one-million-square-foot, 42-story Class A office tower strategically positioned in Midtown Manhattan’s Plaza District. The acquisition from STRS Ohio, one of the nation’s largest pension funds, marks the largest full asset, non-user driven office acquisition in New York City since 2018.
RXR Chairman and CEO, Scott Rechler shared, “This is one of the highest quality buildings in Manhattan with one of the best locations at 57th Street and Madison Avenue. With institutions seeking to shed their exposure to office, we view this as a great time to be investing.”
