Apollo Global Management Platform Company Inks 50K-SF Lease at 590 Madison Avenue

A platform company within the Apollo Global Management umbrella has inked a 10-year, nearly 50,000-square-foot office lease across two full floors at 590 Madison Avenue, Commercial Observer has learned. 

The deal comes after Apollo, an alternative asset management firm, finalized a nearly 100,000-square-foot lease last April at the RXR-owned building, spanning the 10th through 13th floors. The new lease will cover the entire 14th and 15th floors.

This new lease for one of Apollo’s platform companies is separate from Apollo’s original lease last year, but will be part of an initiative to consolidate the company’s New York City employee headcount within 590 Madison, which is also known as the IBM Building, as well as its headquarters at 9 West 57th Street, according to a source close to the deal. Apollo will relocate employees to the office tower on the corner of Madison Avenue and East 57th Street from 3 Bryant Park, and it will continue to move over employees part of its platform companies from current offices at 1350 and 1370 Avenue of the Americas. 

The exact asking rent was not disclosed. However, the source did note that the asking rent would be “north of $120 per square foot.” The average asking rent for office space in Midtown’s Plaza District was $95.68 per square foot in the first quarter of 2026, according to recent Colliers data. 

RXR’s William Elder and Daniel Birney handled the deal in-house, according to the source, while Michael Wellen, Michael Geoghegan and Stephen Siegel from CBRE represented the tenant.

“Leasing activity at 590 Madison has been strong out of the gate following its addition to the RXR portfolio,” Elder said in a statement to CO. “As a premier Midtown asset, 590 Madison offers the quality, location and tenant experience that today’s leading companies demand, and we look forward to building on this momentum.” 

The exact name of the Apollo affiliate that signed the new lease was not disclosed. Spokespeople for CBRE and Apollo did not immediately respond to requests for comment. 

Scott Rechler’s RXR closed its nearly $1.1 billion purchase of 590 Madison in August of 2025, acquiring the property from the previous owner, the State Teachers Retirement System of Ohio. 

Opened in 1983, 590 Madison is a 43-story building with other corporate tenants including financial firm Mak Capital and financial consultancy Odyssey Investment Partners. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.