JLL completes three leases at 330 Madison Avenue in Midtown Manhattan
MEAG and EastBanc engage with tenants to customize spaces, develop creative deal structures
NEW YORK, January 4, 2021 — JLL has completed three leases totaling 18,358 square feet of space at 330 Madison Avenue on behalf of MEAG, the asset management arm of building owner Munich Re and in partnership with EastBanc, asset manager for the property. The leases are part of a campaign by ownership to engage tenants in the current economic environment, repositioning second-generation spaces to deliver deals with lower capex for both tenants and the property.
Gulf International Bank, which offers financial products, services and banking solutions to customers in the GCC, Europe and North America, signed a 10-year lease extension for 9,771 square feet on the 37th floor. ROX Systems, a technology company servicing the financial industry, will relocate to the property from Lower Manhattan in a five-year lease for 3,123 square feet on the 31st floor. Also relocating from Lower Manhattan is Roanoke Insurance Group, a property and casualty insurance agency, which has signed a five-year lease for 5,464 square feet on the 20th floor.
The JLL team representing MEAG and Munich Re included David Kleiner, executive managing director; Frank Doyle, vice chairman and international director; Clark Finney, managing director; and Georgina Cook, associate vice president. Gulf International Bank was represented by Jonathan Schindler, executive director, and by Aron Schreier, business development leader, Cushman & Wakefield. ROX Systems was represented by John Moran, managing director, Newmark. Roanoke Insurance Group was represented by Elliot Zelinger, managing director, Savitt Partners.
330 Madison Avenue is an 863,000-square-foot Class-A office tower located on the corner of 42nd Street in Midtown. The 39-story property, designed by renowned architect Ely Jacques Kahn, was repositioned in 2012 with a new glass curtainwall façade, a new lobby and updated building systems. The repositioning achieved LEED Gold certification and earned the Building Owners and Managers Association 2012 Renovated Building of the Year award. The property offers a variety of floor plates between 3,000 to 40,000 RSF.
330 Madison Avenue is ideally located in the heart of Midtown. The building is adjacent to Grand Central Terminal and in close proximity to all transportation hubs. Rockefeller Center, St. Patrick’s Cathedral, and the Museum of Modern Art are within a few blocks, while the New York Public Library and Bryant Park are one block away.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
MEAG manages the assets of Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional and private clients from outside the company group. MEAG currently manages assets to the value of USD 310 billion,including fixed income, equity and real estate.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the reinsurance and ERGO business segments, as well as the asset manager MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks or pandemics. The Group is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailormade solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
EastBanc specializes in the acquisition, redevelopment, and management of commercial real estate assets. The firm's long-term appreciation strategy emphasizes the creation of enterprise value in specific markets through targeted deployment of investor capital. The cornerstone of EastBanc's enterprise value strategy incorporates its unique ability to influence sizable portions of urban streetscape with significant capital upgrades and master-planned leasing. With an emphasis on urban mixed-use investment, EastBanc's developments include upscale retail, luxury residential, trophy office, and luxury hotel property types. For more information, visit: www.eastbanc.com.