{"id":1004566396,"date":"2022-02-07T03:03:06","date_gmt":"2022-02-07T11:03:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004566396"},"modified":"2022-12-08T04:36:49","modified_gmt":"2022-12-08T12:36:49","slug":"mutual-of-america-recaps-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mutual-of-america-recaps-manhattan-tower\/","title":{"rendered":"Mutual of America Recaps Manhattan Tower"},"content":{"rendered":"<div id=\"attachment_1004566413\" style=\"width: 234px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004566413\" data-attachment-id=\"1004566413\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mutual-of-america-recaps-manhattan-tower\/18614mu25\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg\" data-orig-size=\"650,870\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;18614MU25&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;18614MU25&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"18614MU25\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;320 Park Ave. Image courtesy of EastBanc&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg?w=650\" class=\"wp-image-1004566413 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg?w=224\" alt=\"320 Park Ave., NYC\" width=\"224\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg 650w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/02\/320-Park-Avenue.jpg?resize=224,300 224w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/><\/a><p id=\"caption-attachment-1004566413\" class=\"wp-caption-text\">320 Park Ave. Image courtesy of EastBanc<\/p><\/div>\n<p><strong>Mutual of America<\/strong> has closed on the recapitalization of 320 Park Ave., a 766,000-square-foot office building in Manhattan.<\/p>\n<p><strong>JLL<\/strong>\u2019s Frank Doyle, David Giancola, David Kleiner and Andrew Scandalios represented the owner in arranging a joint venture with <strong>Munich RE<\/strong>, which acquired a minority interest in the property. Munich RE was advised by <strong>MEAG<\/strong>, its asset manager, and <strong>EastBanc<\/strong>, which helped facilitate the transaction.<\/p>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/nyc-market-update-vacancy-hits-all-year-high\/\">NYC Market Update<\/a><\/p>\n<hr>\n<p>320 Park Ave. was built in the early 1960s and designed by <strong>Emery Roth &amp; Sons<\/strong>. Later in 1992, Mutual of America acquired 320 Park Ave. with plans to gut and fully rebuild the office tower. More recently, the company completed a $35 million refurbishment that added a gym, renovated the lobby and cafe, and created more than 25,000 square feet of indoor and outdoor amenity space. A private restaurant on the 16th floor is scheduled to open in the first quarter of 2022.<\/p>\n<p>The Class A office tower is currently home to the headquarters of Mutual of America, alongside several office and retail tenants, like financial services firm <strong>Raymond James<\/strong>. Back in 2017, a number of companies relocated their offices out of 320 Park Ave., <a href=\"https:\/\/www.commercialsearch.com\/news\/mizuho-consolidates-nyc-offices-on-avenue-of-the-americas\/\">including Mizuho<\/a> and <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-trophy-building-welcomes-new-tenants\/\">Eos Management LP<\/a>.<\/p>\n<h2>Long-term strategy for 320 Park<\/h2>\n<p>Giancola said in prepared remarks that both Mutual of America and Munich RE have a similar long-term mindset and are committed to the iconic office building. Prior to acquiring its stake in 320 Park Ave., Munich RE already had some experience with Manhattan office towers with a similar vintage. In 2019, the German insurance company <a href=\"https:\/\/www.commercialsearch.com\/news\/munich-re-group-acquires-852-ksf-manhattan-office-tower\/\">purchased the 39-story office high-rise<\/a> at 330 Madison Ave., which is also located in Midtown East and was built in 1963.<\/p>\n<p>Giancola also said the recapitalization underscored the confidence of global investors in the future of the New York City office market. The sector did see a downturn following the onset of the COVID-19 pandemic and work-from-home mandates but has since mostly recovered. The fourth-quarter report from JLL showed that the New York City office market ended 2021 with much better leasing fundamentals compared to last year, with a stabilized asking rent at around $76.50 per square foot and a 14.6 percent vacancy rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Munich RE purchased a minority stake in the property.<\/p>\n","protected":false},"author":883,"featured_media":1004566412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[32796,36179,48251,49942],"class_list":["post-1004566396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-jll","tag-mizuho-bank-ltd","tag-munich-re-group","tag-raymond-james-financial-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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