Munich RE Acquires Office Tower In Midtown Manhattan For $900M

Munich RE has acquired a 100% stake in a prominent office building located at 330 Madison Ave in Midtown, Manhattan. The transaction, which closed on November 19, 2019, involved the sale of the property for a total price of approximately $900,000,000. The office building spans a total area of 840,000 square feet, offering ample space for businesses. With 41 stories, the tower stands tall among the Midtown skyline.

Summary of transation details

• Property Type: Office
• Transaction Amount: $900,000,000 (Approx.)
• Address: 330 Madison Ave
• Market: Midtown
• Square Footage: 840,000
• Price Per Square Foot: $1,071
• Stories: 41

The seller in this transaction was the Abu Dhabi Investment Authority (ADIA). ADIA had previously purchased a 75% stake in the tower back in 2008 for $800 million. This year, ADIA exercised its right to acquire the remaining 25% from Vornado Realty Trust, solidifying their full ownership of the property.