Willkie Farr & Gallagher LLP
12/27/2024 | News release | Distributed by Public on 12/27/2024 16:42
Willkie Advises Mutual of America in Sale of 320 Park Avenue
Willkie Advises Mutual of America in Sale of 320 Park Avenue
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December 27, 2024
Willkie advised Mutual of America in the sale of its stake in 320 Park Avenue to Munich Re, which will take full ownership of the office building in New York.
On December 23, it was announced that Munich Re acquired full ownership of the 320 Park Avenue office tower in New York City from Mutual of America.
320 Park Ave. is a prime address, and serves as the New York headquarters for a number of financial institutions such as Mutual of America. In 2021, asset manager MEAG secured a 25% stake in the Class A office tower on behalf of Munich Re in a joint venture with Mutual of America. Since then, the building has been modernized over an area of +350,000 square feet, almost half of the total available office space, with a recently completed $35 million renovation.
The transaction is one of the largest office sales in New York City in 2024.
The Willkie team was led by partners David Drewes, Jennifer Coffey and Todd Cosenza, and included associates Fred Swanstrum and Matt Ender-Silberman and law clerk Olivia Divak.