Munich RE picks up Midtown skyscraper for $900M

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

TRD NEW YORK /
Mar.March 04, 2020 04:50 PM
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.

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.


Related Articles

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

Abu Dhabi fund to sell 330 Madison for as much as $900M

From left: ADIA managing director Hamed bin Zayed Al Nahyan, 330 Madison Avenue, and Vornado's Steve Roth (Credit: Getty Images and Google Maps)

Abu Dhabi buys out Vornado at 330 Madison

Abu Dhabi’s ties with Goldman Sachs sour amid 1MDB scandal

Abu Dhabi’s ties with Goldman Sachs sour amid 1MDB scandal

Saudi investors uneasy with how Son is running his $100B Vision Fund

Saudi investors uneasy with how Son is running his $100B Vision Fund

Abu Dhabi government fund, Tishman Speyer put Chrysler Building on the market

Abu Dhabi government fund, Tishman Speyer put Chrysler Building on the market

Fire breaks out at Vornado’s 330 Madison

Fire breaks out at Vornado’s 330 Madison

Abu Dhabi fund sues Goldman Sachs over role in 1MDB scheme

Abu Dhabi fund sues Goldman Sachs over role in 1MDB scheme

From left: Dubai Ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid al-Maktoum, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan.  (Credit from left: World Economic Forum, Imre Solt)

State-backed Abu Dhabi and Dubai developers launch new $8.2B joint venture

arrow_forward_ios
Loading...