Colony NorthStar Heads to the IBM Building
Colony NorthStar, the recently formed real estate investment trust headed by Trump inauguration chair Tom Barrack, is opening up new offices at 590 Madison Avenue.
The firm signed a 10-year lease for 39,991 square feet on part of the 33rd floor and all of the 34th floor of the 1-million-square-foot office tower, according to press releases from CBRE and JLL. Developed by IBM in 1983, the 41-story building is connected to Trump Tower via a glass-clad, landscaped public atrium with a sitting area.
Asking rents were $130 a square foot, according to a source close to the deal.
Colony NorthStar was forged in January by a merger between Colony Capital and NorthStar Realty Finance, which have separate offices at 712 Fifth Avenue and 399 Park Avenue, respectively. The combined REIT will move its offices to Madison Avenue at the end of the year.
State Teachers Retirement System of Ohio owns the building, and Edward J. Minskoff Equities manages it.
JLL’s Alex Chudnoff and Robert Martin and James Travers of Travers Realty represented the tenant. The owners were represented in-house by Jeffrey Sussman and by CBRE’s Stephen Siegel, James Ackerson, Taylor Scheinman, Brett Shannon and Evan Haskell.
With additional reporting provided by Lauren Elkies Schram.