An Abu Dhabi sovereign wealth fund has struck a deal to sell a Manhattan trophy property.
Abu Dhabi Investment Authority is selling its 40-story office building at 330 Madison Avenue to the huge German reinsurance firm Munich RE, sources told The Real Deal.
Munich RE has a contract to buy the 1960s-era high rise for somewhere between $850 million and $900 million, according to one source.
Munich RE preempted a second round by coming in above ADIA’s pricing guidance, according to sources.
Representatives for ADIA and Munich RE did not respond to requests for comment. CBRE’s Darcy Stacom and Bill Shanahan marketed 330 Madison Avenue on behalf of ADIA. The brokers could not be reached for comment.
The ADIA has owned a majority stake in the 846,000-square-foot building between East 42nd and East 43rd streets for 30 years. In June the entity exercised an option to buy the 25 percent it didn’t own from its partner, Vornado Realty Trust, in order to market the entire tower for sale.
Vornado sold its stake for more than $1,000 per square foot, which valued the property at roughly $900 million.
Correction: A previous version of this article incorrectly identified the Abu Dhabi Investment Authority as the seller of the Chrysler Building. The entity that sold the Chrysler Building is, in fact, the Abu Dhabi Investment Council – a separate entity controlled by the Abu Dhabi government.