Munich Reinsurance Company (AKA Munich Re) has signed a contract to acquire 330 Madison Avenue from Abu Dhabi Investment Authority (ADIA) for around $875 million. The 40-story office building spans 846,000 SF, and is located between East 42nd and East 43rd Streets.
- Office tenants include… Guggenheim Partners, HSBC, Wells Fargo, and JLL, while retail tenants include Citibank, Starbucks, and Santander Bank.
- Worth Noting: ADIA has owned a majority stake in the building between for 30 years. In June, the sovereign wealth fund exercised an option to buy the 25 percent it didn’t own from Vornado Realty Trust in a deal that valued the property at roughly $900 million, TRD reported.
- Be Smart: The Abu Dhabi fund allocates 5 to 10 percent of its massive portfolio to real estate. Although ADIA doesn’t divulge its assets under management, it’s estimated to have about $696 billion.