Abu Dhabi Investment Authority is planning to part with its majority stake in 330 Madison Avenue.
The sovereign wealth fund is looking to sell its ownership in the office property, the New York Post reported. Minority owner Vornado Realty Trust will keep its 25 percent stake.
CBRE’s Darcy Stacom and Bill Shanahan are marketing the deal. The Post noted that the stake was hitting the market “at pricing expected to reach nearly $1 billion.”
The 845,000-square-foot building underwent a $121 million renovation in 2012, the report said. The upgrades included new mechanicals and a curtain wall.
Guggenheim Partners is one of the major tenants in the building. Others include HSBC, Jones Lang LaSalle and Wells Fargo. The retail space includes Citibank, Starbucks and Santander Bank.
In 2017, Vornado landed a a $500 million refinancing from Wells Fargo. The loan matures in August 2024 and has a fixed rate of 3.475 percent. A fire broke out in the building in late December. [NYP] — Meenal Vamburkar