A German insurance company closed on a 1960s-era high-rise from Abu Dhabi’s sovereign wealth fund for a lofty price.
Munich RE purchased the Midtown skyscraper at 330 Madison Avenue for $900 million.
The 40-story building between East 42nd and East 43rd streets, a block west of Grand Central Terminal, went into contract in November. CBRE’s Darcy Stacom and Bill Shanahan brokered the transaction on the seller’s side. CBRE did not return a request for comment. ADIA and Munich RE did not return requests for comment.
Last year, the Abu Dhabi Investment Authority took a 25 percent stake from Vornado for $1,000 per square foot, which valued the property at about $900 million and allowed it to market the entire building for sale.
Global brokerage JLL just expanded its footprint at the 852,000-square-foot building and now occupies 165,000 square feet. The building also houses asset manager Guggenheim Investments, HSBC and Wells Fargo.
Vornado refinanced the building in 2017 for $500 million.