GlobeSt.com EXCLUSIVE: More Than 150,000 SF at IBM Building is Available

NEW YORK CITY-A significant block of office space–168,763 sf–is on the market at the Plaza District’s 590 Madison Ave. Members of Cushman & Wakefield’s Strategic Agency Services group are working in conjunction Edward J. Minskoff Equities Inc., which also manages and oversees leasing for the property, to fill up space in the 43-story, one-million-sf architectural landmark.

The offered space in the granite-clad building built for IBM Corp. in 1982 is a contiguous block on the fifth through the eleventh floors. The individual floors measure 24,109 sf. Brokers say they are looking at per sf prices in the $70s for the spaces.

The assignment has been awarded to C&W’s Donald DiRenzo Sr., Jonathan Serko, Donald DiRenzo Jr. and Barry Zeller, along with Diana Biasotti. According to the brokers representing ownership, it has been more than five years since space was available at the building.

“For years, this premier property was fully leased, and access was out of the question,” offers Serko. Its quality, unique building systems and location make this availability highly attractive to tenants in the market.”

Because the property was developed by IBM for IBM, the building systems, particularly the HVAC, security and back-up power generators, are superior to what is available at those properties that are otherwise considered comparable, Serko adds. An additional selling point might be the fact that 590 Madison was one of the few Manhattan buildings that remained fully operational during the August 2003 blackout. This was due to the building’s fully redundant tenant auxiliary generator. Private executive parking is available within the building.

590 Madison is home to more than 20 tenants besides IBM, such as Fleet Bank, Frank Russell and Akin Gump.