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Report: Majority stake in Manhattan, NY, tower up for $1B sale

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Report: Majority stake in Manhattan, NY, tower up for $1B sale

The Abu Dhabi Investment Authority's majority stake in the 330 Madison Ave. tower in Manhattan, N.Y., is expected to hit the market with a price tag of roughly $1 billion, the New York Post reported, citing unnamed sources.

Office landlord Vornado Realty Trust owns a 25% stake in the property and does not intend to sell its interest, the sources told the publication.

The 43-story, 845,000-square-foot tower received $121 million worth of upgrades in 2012 and a $500 million refinancing in July 2017 when it was valued at $850 million, the Jan. 8 report noted.

Office tenants include Guggenheim Partners, HSBC, Jones Lang LaSalle and Wells Fargo, and the property's retail space is occupied by Citibank, Starbucks and Santander Bank.

According to the publication, CBRE Global Investors' Darcy Stacom and Bill Shanahan are marketing the stake.