A majority stake in 330 Madison Ave. owned by the Abu Dhabi Investment Authority is heading to the sales market at pricing expected to reach nearly $1 billion.
Vornado Realty Trust owns the remaining 25 percent stake in the 43-story building and markets and leases the building. Its stake is not for sale, sources said.
The 845,000-square-foot tower on the western blockfront between East 42nd and 43rd streets was completely refurbished in 2012 with $121 million in upgrades, including new mechanicals and curtain wall.
CBRE Global Investors advises ADIA on its investments, and the local CBRE capital-markets team of Darcy Stacom and Bill Shanahan are marketing the stake.
In July 2017, Vornado refinanced with a seven-year $500 million fixed-rate mortgage, whose value at that time was pegged at $850 million.
One of its major tenants is Guggenheim Partners, which has its name over the front door. That’s where on Dec. 21, a spark from holiday lights ignited a huge Christmas wreath on the front of the tower, and the flames and smoke were, of course, caught on video.
Other office tenants include HSBC, Jones Lang LaSalle and Wells Fargo with retail shops held by the likes of Citibank, Starbucks and Santander Bank.