Abu Dhabi fund Adia said to buy out Manhattan office tower
The sovereign wealth fund will reportedly buy out the tower that features tenants such as HSBC and Guggenheim Partners
Sovereign wealth fund Abu Dhabi Investment Authority (Adia) plans to buy out Vornado Realty Trust’s 25% stake in a midtown Manhattan office tower at 330 Madison Ave, with the deal effectively giving Adia full ownership of the property.
Vornado said it had agreed to sell its interest in the property as part of a “buy/sell process initiated by its 75% partner, valued at $900m.”
The New York-based company expects $100m net proceeds after deducting $500m mortgage, and expects the deal to close in Q3 this year, according to a report by Construction Week's sister title Arabian Business.
Located a block from the Grand Central Terminal, the 7.9ha office tower's tenants include Guggenhim Partners, HSBC, Wells Fargo & Co, and Jones Lang Lasalle (JLL).