Money manager Guggenheim renews lease, expands on – Business News
Madison Avenue north of forty second Street is having fun with a deals-and-development frenzy of a form it hasn’t seen in a long time.
The newest instance is a massive, unannounced renewal and enlargement by hedge fund and money manager 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. toes from 240,000 sq. toes. JHVEPhoto – stock.adobe.com
Guggenheim renewed its lease for 17 years and impressively grew to 360,000 sq. toes from 240,000 sq. toes.
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 within the base to over $100 on greater flooring.
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As we reported final 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 accessible to all of the workplace tenants.
No one concerned within the Guggenheim lease was accessible to remark.
The brokers have been JLL’s Frank Doyle, David Kleiner and Carlee Palmer for the owner and Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay for Guggenheim.
330 Madison is 100% leased. Stefano Giovannini
Office tenants at 330 Madison additionally embrace JLL, Deutsche Bank AG and HSBC. Storefront tenants embrace 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 growth. BPX, previously Boston Properties, is building a massive tower at 343 Madison Ave.
In addition, SL Green is in contract to buy the previous Brooks Brothers building at 346 Madison, the place it plans to develop a 41-story workplace tower.
