Madison Avenue Sees Unprecedented Development and Deals
North of 42nd Street, Madison Avenue is buzzing with a level of activity and opportunity that hasn’t been seen in decades.
The latest buzz? Guggenheim, a prominent name among hedge funds and money management, is making significant moves at 330 Madison.
This building is owned by Munich RE, which is the world’s top reinsurer, and its management falls under Meag Asset-Management.
Guggenheim has just renewed its lease for an impressive 17 years, expanding from 240,000 square feet to a whopping 360,000 square feet. It’s a big step up, for sure.
As for the building itself, it boasts a total space of 850,000 square feet, and, interestingly, it’s currently 100% leased. When it comes to rent, the rates vary; you’re looking at something around low $90 per square foot at the base level, going up to over $100 for higher floors.
In an impressive move last year, Munich RE utilized its own funds to pay off a substantial $5 billion mortgage held with Wells Fargo for the property. Since that time, a new 10,000-square-foot wraparound terrace has been added on the 16th floor, accessible to all office tenants. Kind of nice, right?
It’s worth noting that no one from Guggenheim’s side was available to comment on this latest development. The brokerage team includes Frank Doyle, David Kleiner, and Carly Palmer, with Peter Hennessy of Savills and Ben Azley from Bradford Allen assisting on Guggenheim’s side.
Office tenants at 330 Madison also feature notable names like JLL, Deutsche Bank AG, and HSBC, while retail spots include Swedish shirt manufacturer Eaton and Citibank.
Guggenheim’s expansion reflects the growing energy north of Grand Central Terminal. This area has really been revitalized, especially since SL Green’s Won Vanderbilt project kicked things off. There’s also a noteworthy development from former Boston Properties at 343 Madison Avenue, where a large new tower is in the works.
Additionally, SL Green has plans to buy the old Brooks Brothers Building at 346 Madison and transform it into a 41-story office tower. It seems like there’s just no stopping the momentum here.
