C&W tapped for elusive Mad. Ave. office property.

For the first time in five years, a significant block of office space is available at the premier Plaza District property 590 Madison Avenue, best known as the IBM Building, a 43-story, one-million-square-foot architectural landmark.

This elegant granite-clad building is also enjoying prominence as one of the few Manhattan buildings able to remain fully operational during the August 2003 Blackout, due to its fully redundant tenant auxiliary generator.

The ownership and Edward J. Minskoff Equities, Inc., which also manages and oversees leasing for the property, today announced they have retained Cushman & Wakefield as leasing agent for 168,763 square feet of newly available space in the building.

The assignment has been awarded to Cushman & Wakefield brokerage professionals Donald DiRenzo Sr., Jonathan Serko, Donald DiRenzo Jr. and Barry Zeller, along with Diana Biasotti of the firm's Strategic Agency Services group. According to the brokers representing ownership, it has been more than five years since space was available at 590 Madison, generating a rare opportunity to secure this prestigious 57th Street and Madison location.

Developed in 1982 by IBM, the property is home to over 20 tenants including IBM, Fleet Bank, Frank Russell, and Akin Gump. The ground floor of the building hosts retailer Tourneau and the Dahesh Museum of Art. Because the property was developed by IBM for IBM, the building systems, particularly the HVAC, security and back-up power generators, are superior to what is available at those properties that are otherwise considered comparable.

The offered space is a contiguous block on floors five through eleven in the building, comprising 168,763 square feet, which can be leased in whole or in part. Individual floors are 24,109 square feet and are available for lease immediately.