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ADIA gains full ownership in 330 Madison Avenue

Credit: Bloomberg

The Abu Dhabi Investment Authority (ADIA) has agreed to buy Vornado’s 25 percent stake in 330 Madison Avenue. The deal values the asset at $900 million, and gives ADIA full ownership in the Midtown office tower, according to Bloomberg

Dig Deeper: The property spans 846,000 SF, and sits just a block from Grand Central Terminal. Office tenants include Guggenheim Partners, HSBC, Wells Fargo, and JLL, while retail tenants include Citibank, Starbucks, and Santander Bank.

Worth Noting: ADIA is expected to sell the entire building within the next year. 

Be Smart: The Abu Dhabi fund allocates 5 to 10 percent of its massive portfolio to real estate. Although the sovereign wealth fund doesn’t divulge its assets under management, it’s estimated to have about $696 billion. (Bloomberg+CO)

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