By: Harold Erlich
590 Madison Avenue is where companies want to be — and competition for space there is heating up.
“Welcome to the Plaza District’s iconic tower for business, 590 Madison Avenue at 57th Street,” reads the address’s web site. “Recognized for its impressive soaring cantilevered entrance, and Alexander Calder’s distinctive sculpture, “Saurian”, 590 Madison stands at the heart of Midtown Manhattan’s most prestigious and distinguished neighborhood.”
Schonfeld Securities and American Securities, a pair of investment firms, are said to be in hardball advanced negotiations for space at the ritzy address — 50,000 and 90,000 square feet, respectively. The rent: a reported $100-plus per square foot.
“To secure Schonfeld and American Securities, 590 Madison Ave.’s owners, a partnership between Edward J. Minskoff Equities and the State Teachers Retirement System of Ohio, lavished upgrades on the 43-story tower, including spending $4 million on the recent installation of a high-end gym, a source said,” Crain’s New York Business has reported.
“590 [Madison] it is one of the highest quality institutional office buildings in the city, having been developed by IBM as their NYC headquarters and not developed as a spec office building with much lesser qualities like the GM Building, which was not developed for GM,” Edward Minskoff told Crain’s.
The building is located just steps from the best the Plaza District has to offer, the site adds: “5-star dining, prestigious retail, world-class hotels, and world-renowned cultural institutions are minutes from the building’s entrance.”
Also known as the IBM Building, the edifice is a 603 feet tall skyscraper. It was completed in 1983 and has 41 floors. The building cost $250 million, has 1,007,420 square feet of floor area, has 24 elevators, and is the 129th tallest building in New York, according to Wikipedia. Edward Larrabee Barnes & Associates designed the building. IBM developed it and sold the tower to Odyssey in 1994.
The place looks pretty cool, too. According to a web site description furnished by Edward J. Minskoff Inc. Executive Vice President Jeffrey M. Sussman, it has “An effective core design (that) provides for efficient, flexible use of space. The unique five-sided floor plate allows for up to 40 perimeter offices per floor as well as numerous open space floor options. Minimum 9’ finished ceiling throughout; perimeter offices can be 9’6” or greater combined with an outstanding floor area to glass ratio to maximize light, even on lower floors.”