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Abu Dhabi Fund Plans to Buy Vornado Stake in 330 Madison Ave.

  • Tower houses offices for Guggenheim, HSBC, Wells Fargo
  • NYC developer expects net proceeds of about $100 million
30 Madison Ave.

30 Madison Ave.

Photographer: Maurice Savage/Alamy

Updated on

Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, plans to buy out Vornado Realty Trust’s 25% stake in the midtown Manhattan office tower at 330 Madison Ave., according to a person familiar with the matter.

The deal would give the Abu Dhabi fund, already the building’s majority holder, full ownership. Vornado on Monday said it agreed to sell its interest in the property as part of a “buy/sell process initiated by its 75% partner at a $900 million valuation.” The New York company anticipates about $100 million of net proceeds after deducting an existing $500 million mortgage, and expects the transaction to close in the third quarter.