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)
