Madison Avenue north of forty second Street is having fun with a deals-and-development frenzy of a sort it hasn’t seen in many years.
The newest instance is a giant, unannounced renewal and enlargement by hedge fund and money supervisor Guggenheim at 330 Madison.
The building is owned by Munich Re, the world’s largest reinsurance company, and managed by its MEAG asset-management arm.
Guggenheim renewed its lease at 330 Madison for 17 years and grew to 360,000 sq. ft from 240,000 sq. ft. JHVEPhoto – stock.adobe.com
Guggenheim renewed its lease for 17 years and impressively grew to 360,000 sq. ft from 240,000 sq. ft.
The 850,000 square-foot tower between East forty second and East forty third streets is now 100% leased.
Asking rents vary from the low $90s per sq. foot in the base to over $100 on increased flooring.
As we reported last 12 months, mighty Munich Re used its own money to repay a half-billion greenback Wells Fargo mortgage loan at 330 Madison.
It has since opened a 10,000 square-foot wraparound terrace on the sixteenth ground that’s out there to all the workplace tenants.
No one concerned in the Guggenheim lease was out there to remark.
The brokers were JLL’s Frank Doyle, David Kleiner and Carlee Palmer for the landlord and Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay for Guggenheim.
330 Madison is 100% leased. Stefano Giovannini
Office tenants at 330 Madison also embody JLL, Deutsche Bank AG and HSBC. Storefront tenants embody Swedish shirtmaker Eton and Citibank.
Guggenheim’s growth illustrates the power of the avenue north of Grand Central Terminal.
SL Green’s One Vanderbilt kick-started the increase. BPX, previously Boston Properties, is building a giant tower at 343 Madison Ave.
In addition, SL Green is in contract to buy the former Brooks Brothers building at 346 Madison, where it plans to develop a 41-story workplace tower.