Seyfarth Counsels STRS Ohio in $1 Billion Sale of New York’s Iconic IBM Building

New York, August 19, 2025 - Seyfarth Shaw LLP represented STRS Ohio in what is likely to be one of the largest office building sales in the US this year: the just-completed $1.08 billion sale of 590 Madison Avenue in New York City, popularly known as the IBM Building. RXR was the purchaser.

The milestone transaction marks the first time since 2022 that a New York City office building was sold for more than $1 billion.

The one-million-square-foot property in the Plaza District is considered one of the crown jewels of New York City real estate.

The sale marks a notable milestone as the first New York City office sale to exceed the $1 billion threshold since 2022.

Seyfarth’s team of lawyers was led by Miles Borden, Jason Polevoy, Sean Rosenberg and Ben Nitzani. The Seyfarth attorneys provided day-to-day support and advice to STRS Ohio. Seyfarth's Paul Galligan and Richard Schwartz handled some union agreements and benefits considerations.

Seyfarth’s Real Estate department is recognized as one of the largest real estate practices in the US, counseling clients on a local, regional, or national basis.

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