Developer RXR Strikes Deal to Buy NYC’s 590 Madison for About $1.1 Billion

Developer RXR Strikes Deal to Buy NYC’s 590 Madison for About $1.1 Billion

RXR, the Manhattan property developer led by Scott Rechler, agreed to purchase the office tower at 590 Madison Ave. for nearly $1.1 billion, according to a person familiar with the matter.

RXR Set to Buy 590 Madison Avenue for Nearly $1.1B

Scott Rechler’s RXR is lined up to buy a massive office tower in Midtown. RXR signed a letter of intent on Friday to buy the 41-story building at 590 Madison Avenue from the State Teachers Retirement System of Ohio (STRS Ohio) for nearly $1.1 billion, The Real Deal reported. Eastdil Secured’s Will Silverman, Gary Phillips and Roy March are brokering the deal. Spokespeople for RXR, STRS Ohio and Eastdil did not immediately respond to requests for…