Munich Re Group Acquires 852 KSF Manhattan Office Tower
- Dec 20, 2019
Munich Re Group has acquired the 39-story high-rise at 330 Madison Ave. in New York. The property last traded in 1989, when Abu Dhabi Investment Authority acquired 75 percent interest from Vornado Realty Trust. The remaining 25 percent traded in 2019 for $100 million.
The 852,000-square-foot building is located near Grand Central Station and the New York Public Library in Bryant Park and across the street from One Vanderbilt, a $3.1 billion development scheduled for completion in 2020. The Empire State Building is half a mile from the property and LaGuardia Airport is within 7 miles of the Manhattan asset.
The Class A tower was designed by Ely Jacques Kahn and completed in 1963. It was renovated in 2012, when it was improved with a new lobby and updated systems that achieved LEED Gold certification. The building is 95 percent occupied by a list of tenants including Guggenheim Partners, JLL, and HSBC.
Munich Re was advised by MEAG and EastBanc. Hans-Joachim Barkmann, managing director of MEAG, noted that the overall American real estate market is currently outperforming continental Europe. The seller was represented by CBRE.