Seyfarth’s Counsel to STRS Ohio in $1B IBM Building Sale Featured in Law360 and Bisnow

Seyfarth counseling STRS Ohio in the $1 billion sale of New York’s iconic IBM Building was cited in both Law360 Real Estate Authority, Law360, and Bisnow. The firm represented STRS Ohio in what is likely to be one of the largest office building sales in the US this year: the recently completed $1.08 billion sale of 590 Madison Avenue in New York City, commonly known as the IBM Building. RXR was the purchaser.

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

Seyfarth’s team was led by Miles Borden, Jason Polevoy, Sean Rosenberg, and Ben Nitzani, who provided day-to-day counsel and support to STRS Ohio. Paul Galligan and Richard Schwartz also advised on union agreements and benefits considerations.

Law360 wrote:

“Fried Frank, Davis Polk and Seyfarth guided a Manhattan real estate deal north of $1 billion, the first 10-figure New York City deed that's hit records this year and one of three large trades that became public last week.”

Law360 Real Estate Authority noted:

“The property's seller, STRS Ohio, is represented by Miles Borden, Jason Polevoy, Sean Rosenberg, Ben Nitzani, Paul Galligan and Richard Schwartz of Seyfarth Shaw LLP.”