Munich Re's 330 Madison Hits 100% Leased: The N.Y. Deal Sheet
Guggenheim Partners has renewed and expanded at 330 Madison Ave.
The hedge fund signed to stay put for another 17 years at Munich Re’s 850K SF office tower, the New York Post reported.
Guggenheim also expanded in the 28-story building, upping its footprint from 240K SF to 360K SF.
The building is now 100% leased, according to the landlord. Other tenants in the building include HSBC, JLL and Deutsche Bank.
Asking rents were in the $90-per-SF range at the base of the tower and are more than $100 per SF on the higher floors.
Guggenheim Partners was represented by Bradford Allen’s Ben Azulay and Savills’ Peter Hennessy, while JLL’s Frank Doyle, David Kleiner and Carlee Palmer represented Munich Re.
TOP LEASES
GFP Real Estate has continued its leasing streak at 505 and 520 Eighth Ave., office buildings close to Penn Station. Nonprofit Breaking Ground signed a lease totaling 21K SF at 520 Eighth Ave., adding 7K SF to its existing 14K SF in the 860K SF, 26-story office tower.
The nonprofit also consolidated and expanded its offices at the 25-story 505 Eighth Ave., which spans 275K SF. It now occupies 32K SF on the second, fifth and partial third floors, relocating from scattered partial-floor spaces into larger contiguous offices. Both leases are for a decade.
Matthew Mandell represented the landlord in-house at 520 Eighth Ave., and Allen Gurevich represented GFP in-house at 505 Eighth Ave. Vestian’s Joseph McLaughlin represented the tenant in both deals.
***
Healthcare and life sciences law firm Frier Levitt signed an 8K SF lease at One World Trade Center, built by a partnership between The Durst Organization and the Port Authority of New York and New Jersey.
The Durst Organization was represented in-house by Eric Engelhardt and Karen Rose, as well as by Newmark’s David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp. Frier Levitt was represented by Newmark’s Jared Horowitz and Daniel Appel of Newmark.
***
Data, artificial intelligence and digital engineering services firm Nagarro signed a direct lease at L&L Holding Co.’s 195 Broadway after occupying space there as a subtenant since November. The firm signed a 42K SF lease across the entire 25th floor of the 28-story, 1.1M SF office tower, where the landlord redeveloped the lobby in 2017. The building has a tenant roster that includes fintech firm Payoneer and luxury fashion house Gucci.
Jonathan Tootell, Tanya Grimaldo and Giannina Brancato represented the landlord in-house, while CBRE’s Sinclair Li, Peter Shikar and Connor DeSimone represented the tenant.
***
Global marketing firm Dept. signed an 11K SF lease at Williams Equities’ 470 Park Ave. S. The marketing firm is expected to occupy the eighth floor of the building’s north tower during the first quarter of 2026.
The landlord acquired the two-tower, 300K SF building for $147.5M in January, $100M below its last sale price. The landlord was represented in-house by Michael Cohen, Andrew Roos and Robert Getreu as well as by Colliers International’s Jessica Verdi, Mac Roos and Rachel Kirkham. The tenant was represented by Savills’ Nick Farmakis and Michael Bertini.
TOP FINANCING
Wells Fargo signed as the lender on a deal with Firmdale Hotels to refinance three of its hotels, PincusCo reported. The $225M loan covers the Whitby Hotel at 18-22 W. 56th St. in Midtown, the Crosby Street Hotel at 79-85 Crosby St. in SoHo, and the Warren Street Hotel at 86 Warren St. in the Financial District. The financing replaces a $200M loan, also from Wells Fargo.
***
Bungalow Projects and Bain Capital Real Estate nabbed a $64.1M construction loan from Farallon Capital Management for their Red Hook film and TV studio, PincusCo reported. The developers bought the property at 167 Dikeman St. in Red Hook last April for $35.1M and filed plans for a 155K SF studio in June 2024. The permits for the site, which has an alternative address of 63 Ferris St., were issued in December.
***
Son Dinh Tran scored a $24M refinancing deal for seven properties in the Bronx and Manhattan, PincusCo reported. The lender was Deutsche Bank, with the financing replacing an original $12.9M loan from Dime Community Bank. The properties include a 22-unit residential building at 445 W. 46th St. in Hell’s Kitchen, a mixed-use building at 316 E. 149th St. in Mott Haven, and a 16-unit residential building at 14 First Ave. in the East Village. The seven properties total 55K SF.
***
HJ Development netted a $17.2M refinancing loan for the office building at 261 W. 35th St., PincusCo reported. The lender for the Garment District building was Wells Fargo, with the new financing replacing a $20M loan from the same lender.
***
Caspi Development notched a $14.2M refinancing loan from Rialto Capital for 79 Walker St., PincusCo reported. The sum replaces a $19.5M loan from PNC Bank on the 25K SF retail building in Tribeca.
TOP SALES
Slate Property Group and Avenue Realty Capital have acquired 81 Franklin St., a six-story, 33K SF multifamily building in Tribeca, for $30M. The property, which was previously an office building but was converted for residential use in 2013, has 11 loft-style units that contain between one and four bedrooms. White Oak Real Estate Capital provided an acquisition loan. Slate and ARC’s partnership was represented in-house in the deal, while JLL’s Guthrie Gavin represented the seller.
***
Olshan Properties has acquired the office condo at 93 Hudson St. in Tribeca for $13M, PincusCo reported. The seller of the 24K SF building was AEW Capital Management. The sale price is a discount from the $48M that AEW Capital paid for the building in 2015.
***
A 62-unit multifamily building in Crown Heights has changed hands for $8.9M, PincusCo reported. Harkham Ventures acquired the 75K SF building at 263 Eastern Parkway from Michelin Partners LLC.
