RXR Realty and Elliott Management Corporation completed the acquisition of 590 Madison Avenue from State Teachers Retirement System of Ohio for $1.08bn.

RXR Realty, a vertically integrated real estate and infrastructure owner, investor, operator and developer, and Elliott Management Corporation, an American investment management firm, completed the acquisition of 590 Madison Avenue, a one-million-square-foot office property in Midtown Manhattan, from State Teachers Retirement System of Ohio, a public pension fund managing retirement assets for public educators, for $1.08bn. “That’s been an opportunity for us, because when you have that sort of dislocation, most institutions find office to be an uninvestible asset class. And, when institutions find something uninvestable, that’s a good time to invest because that means you have less competition," Scott Rechler, RXR Chairman and CEO.