$506M Deal Gives Munich RE Full Ownership of Park Avenue Tower
The recently closed acquisition of a 75% stake in 320 Park Avenue gives Munich RE full ownership of the roughly 766,000-square-foot building located between East 50th and 51st Streets. The sale by Mutual of America fetched $506.25 million and comes about four years following the purchase by the German reinsurance firm of a 25% stake in the tower, at which time Mutual of America signed a long-term lease for its 252,000 square feet of space the insurance company had been occupying. A $35 million upgrade was recently completed, updating the lobby, creating a ground level café, a new gym, and over 25,000 square feet of new indoor and outdoor space. Larger tenants in the building include Raymond James Financial in 144,000 square feet leased in 2020 under a 15-year term, Pzena Investment Management in 80,000 square feet leased in 2022, and Flagstar in 54,590 square feet lease under a 12-year term last year.