Apollo Takes 100 KSF at Manhattan High-Rise
The company will occupy four floors next year.
Apollo Global Management has finalized its lease for 100,000 square feet of office space at 590 Madison Ave. in Manhattan, the Commercial Observer first reported. The private equity giant will occupy the building’s 10th to 13th floors.
Apollo is expected to move into the building by the end of 2026. The property manager, Edward J. Minskoff Equities, did not divulge the lease term for the new tenant.
CBRE represented both parties in the transaction, alongside Edward J. Minskoff Equities which also assisted the ownership, State Teachers Retirement System of Ohio.
Major tenants at the building include IBM, which occupies more than 121,000 square feet, and Morgan Stanley, which committed to roughly 48,000 square feet, according to CommercialEdge.
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For its part, Apollo has been in expansion mode recently, with a goal of more than doubling its assets under management to $1.5 trillion by the end of this decade. In February, the company signed a deal to acquire Bridge Investment Group Holdings for $1.5 billion. The addition of Bridge will expand Apollo’s real estate equity platform and augment its origination capabilities in both real estate equity and credit.
Amenities at the forefront
Completed in 1981, the building at 590 Madison Ave. encompasses more than 1 million square feet and underwent renovations in 2014. The property has been under the STRS Ohio ownership since 1994 when it was acquired for $202 million from IBM, the same source shows.
The Madison Avenue Club will be unveiled as a new amenity center at the high-rise. Designed by Gensler, The MAC occupies a full floor that includes a large multi-purpose conference hall, food and beverage offerings, a lounge space, an outdoor roof terrace and meeting areas. The building’s other amenities feature a tenant-only parking garage, the sunlight atrium and The Athletic Club, a 12,000-square-foot fitness center.
The CBRE team representing the tenant included Chairman Stephen Siegel, Vice Chairmen Michael Geoghegan and Michael Wellen, alongside Vice President Ryan Luck.
The landlord was assisted by the CBRE team of Executive Vice Presidents Evan Haskell and Sinclair Li, Senior Vice Presidents James Ackerson and Brett Shannon and First Vice President Liz Lash, together with Executive Vice President Jeffrey Sussman and Vice President Matthew Pynn of Edward J. Minskoff Equities.
Manhattan office market picks up steam
The Manhattan office market got off to a relatively strong start in the first quarter of 2025, according to Newmark report. Total leasing activity was 11.7 million square feet, representing 900,000 square feet of positive absorption.
The market is still trying to recover from the pandemic-inspired slump, which saw more than 20 million square feet of negative absorption in 2020 and 23.6 million square feet in 2021, with smaller amounts over the next two years, although it more closely resembled the immediate pre-pandemic period.
While demand has ramped up lately, development has slowed down, Newmark reports. Roughly 29 million square feet of new space has come online over the last 10 years, but only 500,000 square feet are slated to open in 2025.
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