Guggenheim Expands Footprint at Munich Re-Owned Office Tower

Guggenheim Partners has solidified its commitment to Midtown Manhattan’s central business district by renewing and significantly expanding its lease at 330 Madison Ave. The financial services firm is entering a new, 17-year renewal agreement that will see its total footprint increase from 240,000 square feet to a massive, 360,000 square feet of Manhattan office space.

This decision reinforces the 40-story office tower’s reputation as a reliable address for investment and financial services firms, offering strategic proximity to major transit and institutional hubs in Midtown East. Guggenheim has maintained a continuous tenancy in the building since 2013, when it first established its presence with a 186,000-square-foot lease spanning several floors.

The lease agreement for 330 Madison Ave. marks a significant moment for both the tenant; Guggenheim; and the building’s owner, Munich Re, as the property achieves 100% leased status.

JLL’s Frank Doyle, David Kleiner, and Carlee Palmer represented Munich Re (managed by its MEAG asset-management arm), while Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay represented Guggenheim.

The building’s tenant roster highlights its integration into Midtown’s commercial landscape and features a blend of financial and retail users, including office occupants like Maverick Real Estate Partners and retail tenants such as Eton, Granola Bar, Bluestone Lane and Citibank.

Originally built in 1965, 330 Madison Ave. continues to be an example of successful post-war office repositioning. In the early 2010s, then-owners Chadison (a subsidiary of the Abu Dhabi Investment Authority [ADIA]) and Vornado invested $121 million in a major renovation. This effort achieved LEED Gold certification by focusing on improvements to the mechanical systems to enhance energy performance, alongside upgrades to common areas designed to attract institutional tenants.

The property has since seen recent shifts in ownership. In 2019, Vornado, which held a 25% stake, sold its share to ADIA. Soon after, ADIA sold the property outright to Munich Re, which announced its purchase that December. Once in control, the new owner, Munich Re, demonstrated its financial commitment to the asset by using its own cash to pay off a half-billion-dollar Wells Fargo loan at 330 Madison Ave. in 2024.