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ADIA gains full ownership in 330 Madison Avenue

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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