Global reinsurance giant Munich Re has entered a real estate joint venture with Mutual of America Financial Group to purchase a 25% minority ownership interest in their 320 Park Avenue, New York City, headquarters building.
The transaction was advised by MEAG and follows Munich Re’s purchase of 330 Madison Avenue in 2020, furthering their commitment to New York City and the wider United States real estate market.
MEAG currently holds over $300 billion in assets under management and will provide advisory asset management services to the newly created partnership.
The deal was facilitated by EastBanc and Mutual of America was advised by JLL. Munich Re and Mutual of America have agreed to not disclose the purchase price of this transaction.
Hans-Joachim Barkmann, Member of MEAG’s Management Board and Global Head of Real Estate commented: “We are pleased to take another major step in expanding our real estate portfolio in the US with 320 Park Avenue.
“The US real estate market is attractive and offers higher risk-adjusted returns compared to Europe. I thank Mutual of America for this partnership opportunity and look forward to a successful future together.”
John Greed, Chairman, President and CEO of Mutual of America Financial Group said: “We are excited about this unique partnership with Munich Re, with whom we believe share the same values and vision for the long-term success of our building at 320 Park Avenue.”
Frank Doyle, Vice Chairman with JLL added: “This is a powerful partnership that will create significant synergies related to 320 Park Avenue, a market-leading asset that is uniquely positioned to support tenants through a dynamic environment and superior amenities.”
