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New York

Munich RE picks up Midtown skyscraper for $900M

Abu Dhabi Investment Authority bought Vornado’s stake in 330 Madison Avenue last year

Munich RE CEO Joachim Wenning, ADIA managing director Hamed bin Zayed Al Nahyan and 330 Madison Avenue (Credit: Getty Images, Google Maps)
Munich RE CEO Joachim Wenning, ADIA managing director Hamed bin Zayed Al Nahyan and 330 Madison Avenue (Credit: Getty Images, Google Maps)

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.

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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.