ADIA to sell Manhattan trophy property for a cool $900 million
November 19, 2019 (New York)
A recent article on The Real Deal reported that Abu Dhabi based sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA) is selling its 40-story office building at 330 Madison Avenue to Munich RE, the huge German reinsurance firm. ADIA has owned a majority stake in the 846,000-square-foot building between East 42nd and East 43rd streets for 30 years.
The article noted that according to sources, Munich RE has a contract to reportedly buy the 1960s-era high rise for anywhere between $850 million and $900 million, whilst Munich RE preempted a second round with an aggressive offer, coming in above ADIA’s pricing guidance.
Read the original article on The Real Deal: ADIA to sell 330 Madison property for $900 million