By: Jay Gatzberg

Madison Avenue north of 42nd Street is experiencing a burst of real estate activity not seen in decades, fueled by major corporate tenants and ambitious development projects. The latest and most significant move comes from Guggenheim Partners, which has quietly finalized a major lease renewal and expansion at 330 Madison Avenue, according to the New York Post.

The global hedge fund and investment manager signed a 17-year renewal at the 850,000-square-foot tower, extending its footprint to 360,000 square feet from 240,000. The deal cements Guggenheim’s long-term presence in Midtown while illustrating the district’s resurgence, the New York Post reported.

The property, situated between East 42nd and East 43rd Streets, is owned by Munich Re, the world’s largest reinsurance company, and operated through its MEAG asset management arm. With Guggenheim’s expansion, 330 Madison is now fully leased, an impressive milestone at a time when parts of the Manhattan office market continue to face high vacancy rates.

Asking rents in the tower range from the low $90s per square foot on lower levels to more than $100 per square foot on higher floors, according to the New York Post. Other tenants include major financial institutions such as Deutsche Bank and HSBC, as well as office giant JLL. On the retail side, storefronts are occupied by Citibank and Swedish shirtmaker Eton.

The building itself has seen substantial investment in recent years. As the New York Post previously reported, Munich Re paid off a $500 million Wells Fargo mortgage on the tower using its own funds, reflecting strong confidence in the property’s long-term value. The landlord has also enhanced the tenant experience by adding a 10,000-square-foot wraparound terrace on the 16th floor, open to all office occupants.

The lease deal was brokered by JLL’s Frank Doyle, David Kleiner, and Carlee Palmer for the landlord, while Guggenheim was represented by Savills’ Peter Hennessy and Bradford Allen’s Ben Azulay. Parties involved in the lease did not provide public comment on the transaction, the New York Post noted.

Guggenheim’s expansion underscores a broader trend reshaping Madison Avenue just north of Grand Central Terminal. SL Green’s One Vanderbilt, which opened in 2020, is often credited with sparking the area’s boom. Since then, additional large-scale projects have been set in motion. BPX, formerly Boston Properties, is developing a major office tower at 343 Madison Avenue, while SL Green is moving ahead with plans to transform the former Brooks Brothers headquarters at 346 Madison into a new 41-story tower.

Together, these moves reflect a renewed confidence in Midtown’s office corridor, where top-tier tenants continue to bet on long-term growth despite lingering challenges in the city’s broader commercial real estate sector. Guggenheim’s decision to increase its footprint, according to the New York Post, signals not only its own expansion but also the enduring appeal of Madison Avenue as a hub for finance and business.