Madison Avenue tower reaches turning level – Business News
It’s a turning level for 590 Madison Ave., the black granite tower at East 57th Street with a bamboo-filled atrium that attaches to Trump Tower.
RXR and Elliott Investment Management bought the 42-story, 1 million square-foot tower final 12 months from longtime proprietor State Teachers Retirement System of Ohio for practically $1.1 billion — the primary Manhattan workplace property to interrupt the billion-dollar sale threshold in three years.
Scott Rechler-led RXR, the managing associate, set about getting ready the previous IBM tower for the longer term with an in depth upgrading. It included a new, 25,000 square-foot tenants’ amenity advanced on the third flooring referred to as the Madison Avenue Club.
RXR and Elliott Investment Management bought the 42-story, 1 million square-foot tower final 12 months for practically $1.1 billion Scott Morris / RXR
With design help from Gensler architects, RXR created a “social and wellness hub” together with a 2,800 square-foot out of doors terrace-lounge. The program additionally introduced boardroom and convention room space and a cafe and bar.
The redesign is programmed by the proprietor’s RXO program, which units a high hospitality commonplace. There’s additionally a new public artwork set up.
RXR created a “social and wellness hub” together with a 2,800 square-foot out of doors terrace-lounge. Scott Morris / RXR
Tenants embrace Apollo Global Management, Schoenfeld Strategic Partners and LVMH. About 100,000 sq. ft of workplace space stay obtainable, in line with RXR managing director Bill Elder, who let Realty Check tour the tower’s vacant flooring with spectacular Midtown views and column-free flooring.
Elder wouldn’t touch upon the longer term of the previous Bonhams ground-floor space which the public sale home left for 111 W. 57th St. final 12 months. We suspect it’s as a result of the space is perhaps reconfigured as half of an total retail-space reconfiguration.
