Munich Re acquires 320 Park Ave

Munich Re has fully acquired the 320 Park Ave. office tower in New York from Mutual of America. In 2021, MEAG secured a 25 percent stake in the Class A office tower for Munich Re in an off-market transaction in a joint venture with Mutual of America.

“We are delighted that we were able to fully secure a first-class property such as 320 Park Ave. in an off-market deal for our US real estate portfolio. The office market in New York is currently offering very good deals, especially for investors with a lot of equity. 320 Park Ave. is a prime example of a top office property in an excellent location that has proven its resilience even in challenging times, our MEAG colleagues in NYC were able to further increase leasing success.” – Dr. Stefan Haas, Managing Director and Global Head of Real Estate, MEAG.

In 2021, MEAG took over the asset management of the property. The building is now fully leased with a WALT of >10 years. Since then, the building has undergone >350,000 square feet of modernization, representing almost half of the total available office space.

320 Park Ave. serves as the headquarters for financial institutions such as Mutual of America and Raymond James. A recently completed $35 million renovation updated the lobby and added a ground-floor cafe, new gym, and over 25,000 square feet of new indoor and outdoor space. The 16th floor includes a restaurant with an outdoor terrace overlooking Park Ave. The tower has been awarded a LEED Gold certification by the US Green Building Council (USGBC).

The transaction is the largest office sale in New York City in 2024.

MEAG is Munich Re’s asset manager. With units in Europe, Asia and North America, MEAG also offers its extensive know-how to institutional investors and private clients outside Munich Re. MEAG currently manages assets worth around EUR 354 billion, of which EUR 63 billion are held by investors outside the group .