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Deals & Dealmakers

JLL arranges recapitalization of 320 Park Avenue

JLL announced today the closing of the recapitalization of 320 Park Avenue, a 766,000-square-foot, Class A office building in Midtown Manhattan. A JLL team consisting of Vice Chairman Frank Doyle, Managing Director David Giancola, Vice Chairman David Kleiner and Senior Managing Director Andrew Scandalios worked on behalf of the owner, Mutual of America, to arrange the joint venture partnership with Munich RE. Munich RE, was advised by MEAG, its asset manager, and EastBanc who helped facilitate the joint venture.

Originally completed in the early 1960s and designed by Emery Roth & Sons, 320 Park Avenue was purchased, gutted and fully rebuilt by Mutual of America in 1992. The office tower is home to various high-profile office and retail tenants including Raymond James and the Mutual of America headquarters. In addition to unobstructed views of Park Avenue, tenants will soon be able to take advantage of a recently completed $35 million building refurbishment that includes a renovated lobby and café, a building gym and over 25,000 square feet of newly constructed indoor and outdoor amenity space. A private building exclusive restaurant with an outdoor 16th floor terrace overlooking Park Avenue is opening in Q1 2022. 320 Park Avenue has been awarded a LEED Gold Certification by the U.S. Green Building Council (USGBC).

“This is a powerful partnership that will create significant synergies related to 320 Park Avenue, a
market-leading asset that is uniquely positioned to support tenants through a dynamic environment and superior amenities,” Doyle said.

“The ‘fit’ of this partnership is most apparent. Mutual and Munich Re share a similar long-term mindset and are committed to ensuring that this iconic building continues to thrive. The transaction underscores global investor confidence in the future of NYC office,” Giancola added.

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