Munich Reinsurance Company (AKA Munich RE) has closed on its acquisition of 330 Madison Avenue from Abu Dhabi Investment Authority (ADIA) for $900 million. The 40-story office building spans 846,000 SF, and went into contract in November, TRD reported at the time.
- Office tenants include Guggenheim Partners, HSBC, Wells Fargo, and JLL, while retail tenants include Citibank, Starbucks, and Santander Bank.
- Worth Noting: ADIA owned a majority stake in the Midtown building 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 a similar price point.
- 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.