Former IBM Building Secures New Tenant

By Razvan Cimpean

590 Madison Ave., New York

Two months after Colony Northstar leased part of the 33rd and 34th floors of 590 Madison Ave., Greenspoon Marder has relocated its New York office to the 41-story building. The law firm occupies the 18th floor, encompassing nearly 25,000 square feet of office space. According to Yardi Matrix data, the property is 19.5 percent vacant.

Attractive location

Previously known as the IBM Building, the 1 million-square-foot asset is located in the middle of Manhattan’s Plaza District and in the proximity of multiple bus stations, subways, retailers and restaurants. Tenants at 590 Madison Ave., include IBM, Crowell & Moring and Aspen Insurance. According to Yardi Matrix data, the average rent is approximately $120 per square foot. Completed in 1981, the property was renovated in 2014. Owned by the State Teachers Retirement System of Ohio, the office tower is managed by Edward J. Minskoff Equities, while CBRE is in charge of leasing. The building features 42,193 square feet of retail space on the first and second floor, a three-story atrium and 78 subterranean parking spaces.

“Expanding our capabilities and breadth of practice in the New York market is key to our financial services clients and beyond,” Gerald Greenspoon, co-managing director & co-founder of Greenspoon Marder, said in a prepared statement.

Image courtesy of State Teachers Retirement System of Ohio