Blackstone Group is the leading contender to buy 590 Madison Avenue, a 1 million-square-foot office tower in the Plaza District listed by the State Teachers Retirement System of Ohio for around $1.1 billion. Other bidders include SL Green, Tishman Speyer, RXR, and RFR, though Blackstone is favored due to its ability to self-finance, minimizing closing risk. If a deal closes above $1 billion, it would be the city’s priciest office sale since 2022. Eastdil Secured is handling the sale, with a decision expected soon. The property is the former IBM Building and sits in one of Manhattan’s most prestigious office districts.
Blackstone Group
