Apollo Global Finalizes 100K-SF Lease at 590 Madison Avenue
By Mark Hallum April 14, 2025 12:47 pm
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Apollo Global Management has finalized its pending deal for 100,000 square feet at 590 Madison Avenue.
The deal brings four floors, the 10th through the 13th, of the building within the scope of the alternative asset management giant’s scattered office footprint in New York City. 590 Madison Avenue is owned by the State Teachers Retirement System of Ohio (STRS Ohio).
Edward J. Minskoff Equities, which manages the building, did not immediately disclose the asking rent or the length of the lease, but the average asking rent in Midtown in the first quarter of 2025 was $85.65 per square foot, according to a report from JLL.
Apollo also has about 71,291 square feet in the Salesforce Tower at 1095 Avenue of the Americas, which it has been subleasing from MetLife since 2018, as well as a 175,000-square-foot headquarters at 9 West 57th Street.
Commercial Observer reported last month that Apollo was in talks to take the Madison Avenue space to move its employees out of Salesforce Tower from so they could be closer to the 9 West 57th mothership. A spokesperson for Apollo previously told CO news of the Madison Avenue deal was “not accurate.”
“590 Madison is a premier example of the significant demand for renovated office spaces in desirable locations like the Plaza District,” CBRE’s Stephen Siegel, who brokered the lease for Apollo along with Michael Geoghegan, Michael Wellen and Ryan Luck, said in a statement. “The high caliber of tenants driving leasing activity reaffirms the value of Class A, well-located and highly amenitized assets.”
CBRE’s Evan Haskell, James Ackerson, Brett Shannon, Liz Lash and Sinclair Li represented the landlord alongside Jeffrey Sussman and Matthew Pynn of Edward J. Minskoff Equities.
CBRE did not immediately respond to a request for further comment.
The deal follows the 41-story office tower being listed for sale for $1.1 billion in February, the first major listing of the year and the highest asking price in New York City since the pandemic, CO reported at the time.
Other tenants include luxury retail giant LVMH, private equity firm Reverence Capital Partners, financial services firm E.F. Hutton and private equity firm Crestview Partners.
Mark Hallum can be reached at mhallum@commercialobserver.com.
