German reinsurance giant Munich Re is set to pay the Abu Dhabi sovereign wealth fund between $850 million and $900 million for its 40-story office building at 330 Madison Avenue, New York, according to reports from The Real Deal.
The Abu Dhabi Investment Authority (ADIA) had supposedly seen its initial $800 million asking price surpassed by Munich Re as the reinsurer moved to speed up the sale and halt any potential bidding wars with other parties.
The Real Deal notes how ADIA has owned a majority stake in the 846,000-square-foot building between East 42nd and East 43rd for 30 years.
In June the entity bought the 25% it didn’t own from its partner, Vornado Realty Trust, in order to market the entire tower for sale.
The ADIA recently offloaded the iconic Chrysler building earlier this year for $150 million, a significant step down from the $800 million it paid in 2008.
Representatives for ADIA and Munich RE did not respond to requests for comment, according to The Real Deal publication.
