Just before the end of 2024, two office properties on Park Avenue were sold. Mutual of America sold full ownership of 320 Park Ave to Munich Re, while Morgan Stanley traded 2 Park Ave to Haddad Brands.
The financial details of the sales were not disclosed. However, sources estimate that Munich Re spent between $500 million and $525 million to increase their stake in 320 Park. In a joint venture with Mutual of America, asset manager MEAG secured a 25% stake in the Plaza District Class A office tower for Munich Re in early January.
A team from JLL led by vice chairmen Frank Doyle and David Kleiner and senior managing director David Giancola facilitated the majority interest sale to Munich Re through an off-market transaction. MEAG advised Munich Re while Willkie Farr & Gallagher LLP represented Mutual of America.
According to Doyle, “320 Park Ave is a prime example of top-performing Class A office properties in today’s market.” He also added that its location, amenities and ownership make it highly attractive for tenants.
Haddad Brands reportedly paid $360 million for 2 Park Ave according to New York Post reports where they will occupy a significant portion for their own use. While this deal was one among Manhattan’s largest office trades in recent years (2024), it was still at a discounted price compared with what Morgan Stanley had paid ($519 million) when they acquired it back in2007.
Morgan Stanley was represented by Newmark team members Adam Spies , Adam Doneger , Doug Harmon , Willis Robbins , Joshua Kingand Marcella Fasulo . Fried Frank partners Jonathan Mechanicand Nathaniel Lifschitz along with associate Pia Levin advised Haddad Brands during this transaction.
In picture: The recently sold property -320ParkAve
