Leases  ·  Office

Maverick Relocating to 330 Madison Avenue

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Investment firm Maverick Real Estate Partners signed a lease to move its New York City offices to 330 Madison Avenue, Commercial Observer has learned.

The real estate firm is relocating from 100 Park Avenue and inked a deal for 10,000 square feet on the 39th floor of Munich Re’s office building at the corner of East 43rd Street and Madison Avenue, according to a source with knowledge of the deal.

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Asking rents in the building range from $85 to $110 per square foot, according to the source, who did not disclose the length of the lease.

Frank Doyle, David Kleiner and Carlee Palmer of JLL (JLL) represented Munich Re while Newmark (NMRK)’s David WatermanBrian Waterman and Kevin Sullivan negotiated on behalf of Maverick.

A spokesperson for JLL did not immediately respond to a request for comment while Newmark’s spokesperson declined to comment.

Munich Re acquired the building in March 2020 for $900 million from Abu Dhabi Investment Authority and Vornado Realty Trust, which had a 25 percent stake in the property.

In August 2022, the asset management arm of Munich Re, known as MEAG, consolidated three of its New York City offices into 75,000 square feet on the 12th and 13th floors of 330 Madison, and JLL signed a 10-year lease for 150,000 square feet on the entire third, fourth and fifth floors in January 2020

The brokerage’s footprint in the building has not changed since the onset of the pandemic, according to the source. 

Update: This story has been edited to correct the names of one of the brokers as well as the tenant.

Mark Hallum can be reached at mhallum@commercialobserver.com.