Abu Dhabi Investment Authority is selling its 40-story office building at 330 Madison Avenue to the huge German reinsurance firm Munich RE, sources told The Real Deal.
“Acquiring 330 Madison Avenue has added an outstanding property to our real-estate portfolio,” said Tony Kuczinski, CEO of Munich Reinsurance America.
“The building is a perfect fit for our existing New York City business activities to be based in one common location over time, so that the acquisition not only makes business sense, but is also strategically significant for us.”
The building — which reports say was sold for more than $850 million — is located adjacent to Grand Central Station near the New York Public Library and Bryant Park in midtown.
New projects in the neighborhood, include the new, 1,401 ft. One Vanderbilt directly across the street and the new new JP Morgan building.
330 Madison Avenue features 852,000 s/f of Class A space that is 95 percent leased to prominent tenants, among them Guggenheim Partners, JLL, and HSBC.
Munich Re Group, was advised by MEAG, which manages its assets. Hans-Joachim Barkmann, managing director of MEAG, said,: “This investment is attractive for us for a variety of reasons. We are glad to invest in the United States, given the US share of Munich Re’s insurance portfolio.
“The overall American real estate market is also currently outperforming continental Europe – and especially midtown Manhattan is really unique in the world in terms of status and prospects.
“ Moreover, the fact that we will successfully close a transaction of this scale in such a short time underscores our agility in highly-competitive, global markets.”
The seller was advised by CBRE, while MEAG had support from EastBanc.
The parties agreed to not disclose the purchase price.