Madison Avenue north of 42nd Street is enjoying a deals-and-development frenzy of a kind it hasn’t seen in decades.
The latest example is a large, unannounced renewal and expansion by hedge fund and money manager Guggenheim at 330 Madison.
The building is owned by Munich Re, the world’s largest reinsurance company, and managed by its MEAG asset-management arm.
Guggenheim renewed its lease for 17 years and impressively grew to 360,000 square feet from 240,000 square feet.
The 850,000 square-foot tower between East 42nd and East 43rd streets is now 100% leased.
Asking rents range from the low $90s per square foot in the base to over $100 on higher floors.
As we reported last year, mighty Munich Re used its own cash to pay off a half-billion dollar Wells Fargo mortgage loan at 330 Madison.
It has since opened a 10,000 square-foot wraparound terrace on the 16th floor that’s available to all the office tenants.
No one involved in the Guggenheim lease was available to comment.
The brokers were JLL’s Frank Doyle, David Kleiner and Carlee Palmer for the landlord and Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay for Guggenheim.
Office tenants at 330 Madison also include JLL, Deutsche Bank AG and HSBC. Storefront tenants include Swedish shirtmaker Eton and Citibank.
Guggenheim’s growth illustrates the energy of the avenue north of Grand Central Terminal.
SL Green’s One Vanderbilt kick-started the boom. BPX, formerly Boston Properties, is building a large tower at 343 Madison Ave.
In addition, SL Green is in contract to buy the former Brooks Brothers building at 346 Madison, where it plans to develop a 41-story office tower.
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