Guggenheim Expands to 360K SF at 330 Madison Avenue

Guggenheim Partners has renewed its lease at 330 Madison Avenue for 17 years, and will expand from 240,000 square feet to 360,000 square feet.

JLL’s Frank Doyle, David Kleiner and Carlee Palmer represented the building’s owner, Munich Re. Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay represented the financial services firm.

JLL, Guggenheim and MEAG, reinsurer Munich Re’s asset management company, are also located in the building. 

The New York Post was first to report the renewal.

Guggenheim has been a tenant at 330 Madison since 2013, when it moved into 186,000 square feet over various floors. The expansion within the renewal brings the 850,000-square-foot 330 Madison to 100 percent leased.

Asking rents in the building range from the low $90s per square foot at the base to over $100 per square foot on the higher floors, according to the Post.

The 40-story 330 Madison was built in 1965. Then-owners Chadison, a subsidiary of the Abu Dhabi Investment Authority (ADIA), and Vornado repositioned the building with a $121 million renovation in the early 2010s, achieving LEED Gold certification and executing 600,000 square feet in new and renewed leases, as Commercial Observer previously reported.

CO reported in 2019 that Vornado, which owned 25 percent of the asset, would sell its share to ADIA within the year, followed by ADIA seeking to sell the building outright. That sale happened quickly, as Munich Re announced its purchase of the building that December.

Office tenants at 330 Madison include private equity fund manager Maverick Real Estate Partners, and retail tenants include Swedish shirtmaker Eton, the restaurant Granola Bar, coffee chain Bluestone Lane and Citibank.

Representatives from Guggenheim did not immediately respond to requests for comment. Savills, JLL and Bradford Allen declined to comment. MEAG could not immediately be reached. 

Larry Getlen can be reached at lgetlen@commercialobserver.com.