590 Madison is achieving rents north of $190 per square foot — placing it among the highest-performing assets on the Plaza District corridor. Originally built in 1983 for IBM and renovated in 2016, the building carries institutional bones and a Midtown East address that continues to attract top-tier tenants. RXR acquired it for $1.08 billion, a transaction widely read as a signal of renewed conviction in New York office fundamentals. At roughly one million rentable square feet, the asset operates at a scale where capital deployment in amenities and common areas can move the needle on rent — and clearly has. The IBM Building is a useful case study in what repositioning, the right landlord, and a supply-constrained submarket can do to achievable rents.

Trophy is a branding and marketing agency for NYC office buildings. We work with landlords and ownership groups to build the leasing brand — the positioning, the visual identity, the story that makes a building worth what it's asking. $100 Foot Club is Or's field notes on the buildings already there. trophy.inc

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Welcome to the $100 Food Club. This is where we check out New York's top office buildings.

I'm Or Lev-Cohen, founder of Trophy, and I'm freezing, but let's go.

The building behind me, built in 83 for tech giant IBM, then renovated in 2016,

and recently sold to RXR for $1.08 billion, one of the deals that marked the resurrection of the office building, I think, in the city.

With around 1 million rentable square feet, it's here on Madison Avenue.

Great location, great building, and they've been able to achieve rents of over $190, I think.

It's still very nice, so they definitely go in our club of over $100 per square foot.

So, this is the $100 Food Club. I'm Or Lev-Cohen, and I'll see you on the next one.