The global REIT and investment management company formed from the merger of Colony Capital, NorthStar Asset Management and NorthStar Realty will open an office at 590 Madison Avenue.
JLL completed the 39,991 s/f lease for Colony NorthStar Inc. at the property, which is also known as the IBM Building, with building owner The State Teachers Retirement System of Ohio and its advisor, Edward J. Minskoff Equities Inc.
The tenant was represented by a JLL team led by Alexander Chudnoff, vice chairman, along with James Travers, founding principal, with Travers Cresa. The building owners were represented in-house by Jeffrey Sussman, executive vice president, with Edward J. Minskoff Equities, along with Stephen Siegel, chairman of global brokerage, and Evan Haskell, senior vice president, both with CBRE Group Inc.
“The merger of Colony Capital Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. has created one of the largest real estate and investment management firms in the world,” said Chudnoff.
“The executives of the newly formed company found 590 Madison Avenue to be uniquely suited to their needs and their long-term, collaborative organizational goals.”
Colony NorthStar Inc. will occupy a portion of the 33rd floor and the entire 34th floor at 590 Madison Avenue, which is located at the corner of East 57th Street and Madison Avenue. The global REIT and investment management company is combining New York operations from their previous offices into a single location at 590 Madison Avenue. The 43-story 590 Madison Avenue was designed by Edward Larrabee Barnes Associates and constructed in 1983. The building owners completed a capital improvement program at the building in 2016.
Designed by Moed de Armas & Shannon, the renovations include a re-energized lobby, with new lighting, ceiling and lobby desk, and new elevator cabs. The office tower is known for its cantilevered entrance and Alexander Calder’s sculpture, “Saurian.”