Guggenheim Partners has agreed to extend its lease by 240,000 square feet at its Midtown office headquarters.
The new deal will now give the financial services firm a total of 360,000 square feet to work with at 330 Madison Avenue for 17 years, according to the Commercial Observer.
Chicago CRE agency Bradford Allen and Savills' Peter Hennesy represented Guggenheim on the deal, with JLL, which operates space in the building, acting on behalf of landlord, Munich Re.
With the extension, 330 Madison is now 100 percent leased. MEAG is another tenant in the 850,000 square foot building, along with Citibank and Maverick Real Estate Partners. Guggenheim has remained at the property since 2013.
The building, known for its location above Grand Central Terminal, features an amenity section on the 16th floor, which includes a terrace, event space and a bar. The property is also near Bryant Park.
Munich originally added 330 Madison to its portfolio for an undisclosed price in December 2019. Munich also owns 320 Park Avenue in New York, which it acquired from Mutual of America late in 2024.
The Manhattan office sector is continuing to show resilience in the post-pandemic world. In fact, a Colliers report for August found that leasing increased by 20 percent month-over-month to reach 3.70 million square feet. Now, the NYC borough is on track in 2025 to exceed 40 million square feet in new signings annually for the first time since 2019.
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